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What is a VA Streamline Loan?
A VA Streamline loan is also known as an Interest Rate Reduction Refinancing Loan or IRRRL. A VA Streamline loan refinances your current VA loan into a new loan with a lower interest rate. VA Streamline loans can also refinance an adjustable rate mortgage into a fixed rate mortgage.
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Do I have to refinance with my current lender?
No, you can choose to refinance with any mortgage lender approved by the VA. The Veteran’s Administration has a lengthy list of approved lenders. We suggest that you shop around before refinancing your loan, so that you can find the loan terms for your situation.
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What is a VA Cash-Out Refinance Loan?
A VA Cash-Out Refinance or Refinancing Loan is a loan that allows you to take cash out of the equity of your home by refinancing your current VA loan. You are allowed to take 90% of your home’s value as listed on your Certificate of Reasonable Value. You are also allowed to finance the VA funding fee. Energy efficient homes are allowed to take out an additional $6000.
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Can I use the cash I take out of my home for other things?
Yes, you can use the cash from a Cash-Out Refinancing Loan for anything that you like. Just be sure to check with your lender first to see if there are any restrictions on what you can use the money for.
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How much does a refinance on my current home cost?
You can expect few to no out-of-pocket expenses when refinancing a VA loan, as many of the fees and closing costs can be financed into your new mortgage. The lender that you are using to refinance your loan may have some up-front fees, however you may need to consult them from more specifics.
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More Questions...
If we haven't answered your question, contact one of our VA Specialists at 1 (800) 598-5022, or contact us with your question.