Why a VA Cash-Out and Rate & Term Refinance Is a Good Choice
On This Page
- Cash-out and Rate & Term Refinances
- The VA Streamline Loan (IRRRL)
- VA Loan Refinance Q & A
The VA loan program helps veterans buy and refinance homes with more favorable loan terms than those found in the open mortgage marketplace. If you are a veteran with a mortgage on a home that’s your primary residence or that you previously occupied, and you want to refinance, a VA refinance may be the best option.
Why go with a VA refinance? A VA refinance offers significant advantages. Because the VA’s insurance guaranty essentially sets up a financial safety net for the VA lender, a lender can pass more advantageous loan terms along to you, the veteran. If you’ve financed a home purchase with a VA loan before, you probably already know about some of these advantages. You receive the same benefits in a VA refinance, including limits on closing costs, no prepayment penalty and no private mortgage insurance requirement even if your down payment is less than 20 percent. Continue reading “Why a VA Cash-Out and Rate & Term Refinance Is a Good Choice”