What is VA Cash-Out Refinancing?

Veterans and their families have a variety of loan options available to them through VA loan and refinance programs. In fact, they are the best mortgage options available in the industry today.

What makes the VA Cash Out Loan The Best Loan Program?

  1. Some of the lowest rates in the industry, certainly lower than FHA, USDA, and Conventional fixed rate programs.

  2. No PMI / Mortgage Insurance Premium or Fee

  3. Unlimited ability to tap into your VA Benefits for 100% financing every time.

  4. Higher ability to be approved with high debt to income ratio than USDA, FHA, & Conventional.

There are many more options, but these first 4 take the cake, making most homeowners, first time buyers, and the like, envious of the VA options.

However, you served, you fought for our home, and others simply didn't, and this is why you get these options.

What is a cash-out refinance?

Depending on your situation, you may find it beneficial to take advantage of cash out refinancing options.

If you are eligible for a VA loan and are currently paying on a conventional, USDA, or FHA home loan or want a lower rate on your current VA mortgage loan, you may consider the VA cash out refinance option.

VA Refinancing allows you to refinance your current mortgage loan, whether or not it is a VA loan, and walk away from the process with a handful of cash through the “cash-out” refinance option.

Are you struggling to pay back a significant amount of credit card debt? Are you suddenly facing expensive bills or other emergency expenses?

Have you been making a dated and poorly designed kitchen work for you and are finally done with the hassle?

Cash-out refinancing allows you to walk away with the money you need now right out of the equity of your home.  

What is equity?

Your home’s equity is the value of the property that you’ve already paid for; in other words, it’s the value of the portion of the property that does not belong to the lender.

To easily estimate your home’s equity, subtract what you still owe on the mortgage from the home’s value.

And if you aren't looking to pull cash out of your property and want to leave your equity in tack, then take a look at the VA Streamline Refinance Program.

The VA Streamline goes by a few names such as the VA IRRRL or IRRL, and this loan ensures you do not touch your homes equity. The IRRRL stands for Interest Rate Reduction Loan, where all you are doing is refinancing to a lower rate.

This can be super helpful if you are currently on a higher interest rate loan, or an adjustable and you want to fix your interest rate before they rise.

Which, by the way, we're watching rates fluctuate in this market daily, so you don't want to wait long on any option you choose.

We do VA cash-out refinancing better than most.

Here at VA Nationwide, we can offer up to 100 percent for cash-out refinances, with a twist, the true transparent conversation you always wanted to have.

There are no requirements to tell us what you want to do with your cash out, many banks require letters, explanations, and approval for using your equity, and this doesn't happen at VA Nationwide.

Also, we are one of few lenders who allow 100% cash out on Manufactured Home loans.

Single-wide, Double-wide, and Triple-wide Manufactured homes are some of the toughest properties to finance, and we don't place restrictions on any Veterans ability to pull cash out of these property types.

Before going down the road of incurring appraisal fees, falling for dream rates that may no longer be available, and get switched into something you didn't want, try calling us first.

Are you looking into refinancing your current VA mortgage loan or other type of home loan?

Give us a call, or contact us online. We can’t wait to help you with your individual situation. You can also learn more about VA Nationwide here.

Brandon Mushlin

Brandon Mushlin is Creative Strategist, Writer & Traveler with BrandonMushlin.com. Helping Entrepreneurs create their vision, online presence, and brand strategy, to fuel massive growth.