Let’s break down VA refinance options without the financial jargon.
VA Refinance Options
- VA IRRRL (Streamline Refinance)
- For veterans already with a VA loan seeking lower rates
- Minimal documentation, no appraisal or having to provide income docs
- Lower funding fee (typically 0.5%) Veterans with a 10% or more Disability are Exempt
- limited closing costs can be rolled into the loan
- VA Cash-Out Refinance
- Veterans can Refinance any mortgage to a VA loan
- Access up to 100% of your home’s value
- Use Equity for almost any purpose
Why This Matters
- Financial Impact: Dropping your interest rate by just 0.5% on a $300,000 mortgage could save around $30,000 over 30 years on a typical loan
- Debt Management: Trade high-interest credit card debt for lower VA loan rates
- Home Improvements: Fund improvement that could increase home value
- Financial Protection: VA loans may offer special protections during financial hardships
Before Refinancing, Consider
- Current rates versus yours
- How long you plan to stay in your home
- How soon savings will offset closing costs
- Your financial goals and equity situation
At Intelliloan, we specialize in helping veterans navigate VA loans with clarity and precision, ensuring you receive every benefit you’ve earned.
Contact Intelliloan today, and let’s make your mortgage work as hard as you do.
Call (833) 984-2471
This article is informational only and not financial advice. VA loan eligibility and benefits come with certain requirements and limitations. For the latest details on VA loan programs, contact Intelliloan or visit the Department of Veterans Affairs website. No financial regulations were harmed in the making of this blog post.
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