Mortgages Made Simple
Refinance Your VA Loan
You may be able to lower your monthly payments with a VA home loan refinance. In order to qualify for a VA home refinance you must meet one of the criteria listed below:
VA rates tend to be lower than traditional mortgages, meaning you may have smaller monthly mortgage payments. There are 2 options for a refinance:
VA Cash-Out Refinance
With this VA loan refinance option, you can refinance your loan and take cash out from your home equity to use on a renovation or other needs. The amount you can take out depends on the value of your home and the amount needed to payoff the current mortgage.
If you have a second mortgage, you can also try to combine your first and second mortgages into one with this option. As long as the home being refinanced is your primary residence, you could turn two monthly mortgage payments into one low interest monthly payment.
VA Streamline Refinance
A VA streamline refinance loan can lower your interest rate all with lower cost, time needed and requirements compared to conventional refinances. You can't take out additional cash when using a streamline refinance, but this option lets you reduce your interest rate or lower your monthly payment possibly saving you thousands over the life of your loan. Even lowering your mortgage rate by just 1 percent can save hundreds of dollars every month.
Other benefits of Streamline refinances include: