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VA Cash Out Refinance
Refinancing your VA Loan to Get Cash Out
If you are a veteran with a current VA loan, you might want to consider refinancing. It is a great idea if you need a large amount of money now, but don’t want to take out a personal, separate, traditional loan. Whether you need to pay for college tuition, go on that once-in-a-lifetime trip, or just consolidate credit card debt, a VA Cash-out Refinance Loan is a great option. Also, if you have any outstanding liens against you, the money you receive can be used to pay it off directly. Any cash left over from the amount used for the lien can be used for whatever purposes you like.
A cash-out refinance requires more paperwork and legwork than the streamlined loan because the VA must make sure you will be able to pay back the amount that is borrowed against the house’s equity. You will need to get a new appraisal, have your credit checked and submit income statements. It is also important to remember that you can only do a cash-out refinance as long as you already have a current VA loan. You cannot refinance from a traditional, conventional loan with this option.
Moving Forward with Your VA Cash Out Loan
Once you’ve decided to go ahead and apply for a VA Cash-out Refinance Loan, you will want to shop around before settling on a lender. It is not necessary to go with the original lender. Instead, you will want to take your time researching which lender will be able to provide you with the best rates and possible discounts for the total amount of money you need to take out.
If you have a VA loan and want to refinance to obtain a lower interest rate, the cash-out option is not for you. Instead, you will want to look into an Interest Rate Reduction Refinancing Loan (IRRRL). The VA has made it incredibly easy to refinance to a lower rate without requiring additional paperwork, appraisals, credit checks or out-of-pocket money. The IRRRL is also called the VA Streamline refinancing loan because of the quick and easy process, but it also means you cannot take out any cash against the equity of the home. Remember to take a good look at why you need to refinance your home before deciding which refinancing option is right for you.
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Any questions please call 800-826-5077 to speak with your VA Loan Specialist
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