Owning a home is a big investment—so why not make it work harder for you? If market interest rates have improved, your personal finances have strengthened, or your home’s value has increased, exploring a VA refinance could help you save money or unlock additional equity.

Two Main VA Refinance Options:

1. VA Streamlined Refinance (IRRRL)

What It Is: The VA Interest Rate Reduction Refinance Loan (IRRRL) is available if you already have a VA mortgage. It helps you secure a lower interest rate and often reduces your monthly payment.

Why Choose It: Less paperwork, no appraisal requirement, and no income verification in most cases. It’s a quick, hassle-free way to take advantage of better market conditions.

2. VA Cash-Out Refinance

What It Is: A VA Cash-Out Refinance allows you to tap into your home’s equity, borrowing up to 100% of your property’s value. This option is open even if your current loan isn’t VA-backed.

Why Choose It: Whether you’re paying for home improvements, covering education expenses, or consolidating high-interest debt, this option provides direct access to your home’s equity, helping you meet your financial goals.

Key Considerations:

• Mortgage Seasoning: Generally, you must have made a set number of on-time mortgage payments and held your current loan for a certain period before refinancing.
• Long-Term Costs: Lowering your monthly payment may extend your loan term, potentially increasing total interest over the life of the loan.
• Your Unique Goals: Every situation is different. Consult with a knowledgeable VA lender to ensure the option you choose aligns with your financial plans.