Lower your payment or get cash out
The VA home loan program provides veterans with a fast and simple way to take advantage of lower rates to decrease their monthly mortgage payment. Moreover, veterans can get cash back on a VA refinance to pay off debt, make home improvements, or use the cash for whatever they want.
There are two main programs the help VA borrowers refinance. The VA Streamline Refinance, also knows as the Interest Rate Reduction Refinance Loan (IRRRL), and the VA Cash-Out Refinance.
Great Options for Veterans Looking to Refinance
VA Streamline (IRRRL) Refinance
The Interest Rate Reduction Refinance Loan (IRRRL), often called a Streamline refinance, is a great option available to veterans that have existing VA Loans that want to dramatically lower their payments by reducing the interest rate of their loans.
Refinance with Get Cash-Out
You also have the option of a “Cash-Out” refinance. This option applies both to conventional borrows as well as existing VA loan holders. By taking advantage of this program, you can get cash out based on the equity of your home in order to consolidate debt, improve your home, emergencies or any other purpose that requires cash now.