What you need to know about VA refinance optionsVA 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 RefinanceThe 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.
Obtain a lower interest rate and monthly mortgage payment
Benefit from a streamline mortgage process
The VA requires no extensive credit checks or appraisals
Take advantage of your home equity and take cash out