VA Refinance loans offer a few different options for refinancing your loan, most often a VA streamline refinance or a cash out refinance. VA refinances can be done as a “streamline” to simply reduce your interest rate or loan term. VA refinances can also be done as a “cash out” to use the equity in your home to pay off other debts or pull cash out. Generally speaking both transactions can be done with very little effort and minimal documentation required. For complete details on the VA streamline or VA cash out loan see below.
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VA Refinance with Cash Out
VA refinance with cash out, sometimes called a va cash out refinance, is used to take cash out of the home’s equity. This type of transaction pays off your existing first mortgage loan or loans on the property and any other debts that the homeowner wishes to pay off. If there is any remaining equity it can be received as cash back at closing for other needs. The cash can be used for any purpose. The veteran needs to qualify for this loan much like when they purchased the home. This type of VA refinance does require an appraisal all other loan qualifications.