07 Jun Refinancing With A VA Loan
The VA Loan or VA Home Loan program lets qualified homeowners refinance their running VA or a Non-VA loan at lower interest rates, which decreases their monthly mortgage payments.
Moreover, refinancing to a VA loan also gives borrowers cash backs, which they can use for various purposes, like paying off a small debt, making home improvements, buying necessary stuff, and so on.
Looking at the economic turbulence caused by the pandemic the previous year, it’s the right time for qualified military professionals or veteran families to refinance a running home loan and reduce their monthly loan installments.
VA provides refinancing options through two schemes – the VA Streamline Refinance or Interest Rate Reduction Refinance Loan (IRRRL) and the VA Cash-Out Refinance.
The Interest Rate Reduction Refinance Loan (IRRRL), also known as Streamline Refinance, is an excellent option for existing VA Loan beneficiaries to save big on their loan repayments.
The IRRRL reduces the interest rate on an existing loan, thereby resulting in lower monthly mortgage costs. Borrowers need not pay any upfront cost, but they may need to put some effort into gathering documents to qualify for a Streamline Refinance Loan.
VA “Cash-Out” refinance option lets current VA loan holders withdraw cash from their home’s equity to spend on other needs.
The Cash-Out Refinance allows borrowers to take out cash anytime from their home’s equity. Any qualified veteran homeowner can apply for a Cash-Out refinance, irrespective of whether they have an FHA, USDA, or conventional loan.
Let us take care of all your apprehensions as you head to refinance your existing loan.