The VA Refinancing program allows qualified borrowers to lock in a lower monthly rate for the remainder of their VA Loan or take out cash from their home’s equity. There are a few different ways to lower your interest rate with a VA Loan Refinance, including a VA Streamline Refinance and a Cash Out Refinance. A VA Streamline Refinance, sometimes referred to as an IRRL, allows you to lower you current loan interest rate. A Cash Out Refinance allows someone who currently has a VA Loan, and has built up equity to cash out part of the loan to pay off other debts. The VA Loan Experts at Security America Mortgage are here to help you through the refinancing process, answer all of your questions and concerns, and help maximize your VA Home Loan Benefits and save you money today!
Using your VA Home Loan Benefits to take cash out of your home’s equity is the preferred option for qualified Veterans who are looking to reduce their credit card debt, make home improvements, or any other reason. With a VA Cash-Out Refinance you have the ability to turn up to 95% of their home’s equity into cash.
Converting your existing mortgage to a VA Home Loan is now a common practice. Many Veterans purchase a home without being offered a VA Home Loan and have been forced into a mortgage than has a higher interest rate, mortgage insurance, or both. Take action today, and refinance your home into a VA Home Loan and maximize the benefits you have earned.
The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.