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VA Refinance Options

If you've served in the military and own a home, a VA refinance may allow you to pull cash out or obtain a lower interest rate and monthly mortgage payment.

What you need to know about VA refinance options

VA mortgages are one of the most attractive home financing options out there, giving those who qualify incredible benefits (including $0 down for home purchases). Veterans and service members can refinance their home with one of these two types of VA refinance options:

Interest Rate Reduction Refinance Loan (IRRRL)

The VA IRRRL, also called the streamline refinance, can allow qualifying homeowners to refinance up to the balance owed on the home, plus allowable expenses. This often results in a lower interest rate and monthly mortgage payment. The IRRRL process requires minimal documentation.

VA Cash-Out Refinance

The VA cash-out refinance option can provide access to the equity in your home. Homeowners can pull out cash from the accumulated home equity to pay for things like home improvement projects, pay off student loan or medical debts, or even take that dream vacation.
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Obtain a lower interest rate and monthly mortgage payment

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Benefit from a streamline mortgage process

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The VA requires no extensive credit checks or appraisals

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Take advantage of your home equity and take cash out

Ready to refinance your home? Let's get started.
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Have refinance questions? We can help.

If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate less than your current one, refinancing is smart if you do not pay more in fees than you will save in the time you will live in the house.
The qualification requirements for a refinance can vary depending on what mortgage you have. Generally, your name must be on the title of the home for a minimum length of time and your credit score must fall within the required guidelines.

If you have questions about whether you can benefit from a refinance, speaking with a local Loan Officer is a great place to start.
Homeowners rarely need to make a down payment when they refinance their home loan. However, there are still closing costs involved in refinancing that may require you to bring some cash to the closing table. Connecting with a local Loan Officer to discuss your specific situation and goals is a great place to start.
As a homeowner, you may qualify for several benefits that can yield substantial savings when you refinance your home. Refinancing may allow you to tap into some of your home's value, helping you to make the most of your finances.
  • Update the duration of your mortgage
  • Lower your monthly mortgage payments
  • Switch from an adjustable-rate mortgage to a fixed-rate mortgage
  • Combine your first and second mortgage into one loan with one payment
  • Eliminate private mortgage insurance
  • Obtain investment property capital
  • Fund a retirement account
  • Establish a college fund for your children
  • Remodel or renovate your home
Learn more about refinance benefits and options here. 
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