What Is VA Cash-Out Refinancing?
Explore the ins and outs of VA Cash-Out Refinancing. Learn if it's the best option for your financial needs and how it can impact your home loan.
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 One Of The Best Loan Programs?
Some of the lowest rates in the industry are consistently coming in lower than FHA, USDA, and Conventional fixed-rate programs.
No PMI / Mortgage Insurance Premium or Fee.
Unlimited ability to tap into your VA Benefits for 100% financing every time.
Higher ability to be approved with a high debt-to-income ratio than that of USDA, FHA, and 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. If you want to look more into a VA renovation program that could be another option for you, allowing limits from $50,000 to $200,000; we also have non-VA programs up to $2,000,000 offered for extensive renovation on our rehab construction programs.
What is Home 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 intact, 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 home 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.
By the way, we're watching rates fluctuate in this market daily, so you don't want to wait long for any option you choose.
We Offer Better VA cash-out refinancing Options than most.
Just Ask Us About the Benefits We Have That Others Don’t.
Here at VA Nationwide, we can offer up to 90% cash-out refinances. However, our renovation loans allow you to go higher. We do this with a twist over the other banks, offering many program advantages and the transparent conversations you always deserve to reach your goal.
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 Veteran’s 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 getting 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.
You may also find these other articles of value:
A Complete Guide To Manufactured Home Loans (Updated For 2024)
Find Some Of The Best VA Administration Loans For Manufactured Homes
