Types of VA Refinances
VA Refinance (Rate & Term Refinance) – Change loan types from a non-VA Loan to a VA Loan
Many people don’t know that you can refinance from a non VA loan into a VA loan. This is done frequently.
VA Streamline IRRRL
The VA has created a program called the Streamline Refinance or otherwise known as IRRRL, to provide a way for current VA homeowners to lower their interest rate with absolutely NO out-of-pocket costs. These loans do not require your traditional information and are a lot faster than a typical loan.
This Refinance allows you, the borrower, to refinance your current interest rate to a lower rate than you currently have. This program is only available to veterans who are refinancing their ORIGINAL VA Home Mortgage and utilized their original eligibility to get a lower rate with another Lender.
The term “No Cost” Streamline refers to you not having any out-of-pocket expenses. There are costs always associated with refinancing, but these are simply added to the loan. One way to lower your closing costs even more is to let the lender pay the costs in exchange for a higher interest rate. If you would like the absolute lowest rate possible you can obtain a market rate, or buy down your rate, and roll the closing costs into the new loan.
Cash Out Refinance
VA Cash-Out Refinance – (Debt-Consolidation Loan / Cash-Out for Home Improvements / Other purposes) – VA Loans Pulling out Home Equity
Whether you need money to consolidate high interest credit card debt, make home improvements to your home, pay for college tuition (your own or families), or have extra cash as you see fit, Quick VA Loans.com will help you get you the cash you need through a home refinance.
In doing this VA refinance transaction we will pay off your current Home Mortgage from the proceeds of your new VA mortgage using the same property. This transaction is in other words called a “Cash Out” Refinance.
Cash-Out Refinances can only be used for homes that are the owner’s principal residence. The VA will allow this refinance for up to 100% of the appraised value, including all closing costs. There is no minimum amount of time that you will have had own or occupy your home, however, your home must have sufficient equity from an appraisal done through the VA to qualify for this refinance.
…QuickVaLoans.com is the consummate professional; they answered all of my questions right away leaving me with a sense of security. They have an extremely positive attitude, displays great integrity and are very knowledgeable… – Jay Sutton, Memphis TN
Frequently Asked Questions
- How do I know if I qualify for a VA Loan?
- Why would I want a VA loan?
- Can I purchase with $0 money down?
- Can I lower my monthly payment?
- Is a VA more lenient on a qualification?
Would you like to speak with a VA Loan Specialist who can help guide you through the loan process? We have specialists standing by to assist you in making this a quick and easy process.Call 1-650-492-3800