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There are two main types of VA refinance loans: the VA streamline loan (or IRRRL) and the VA cash-out loan.
However, in addition to these two loans, there is also the VA energy efficient mortgage (EEM), which does not exist on its own, but can be added on to either the IRRRL or the cash-out.
The VA IRRRL is a loan that's best suited for someone who already has a VA loan. It's also a great fit for anyone looking to quickly and effortlessly lower their interest rate and save money on their monthly mortgage payment. However, it's not a great option if you want to get cash out of your home's equity.
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If you want to consolidate debt, make non-energy efficient home improvements, get money for a family vacation, or move from a non-VA loan into a VA loan, then the cash-out refinance option is the right choice. However, it does take longer to complete and requires an appraisal, income verification, and credit check.
Learn More| VA IRRRL | VA CASH-OUT | |
|---|---|---|
| Funding Fee | 0.5% | 2.3% or 2.6% |
| Original loan can be non-VA | No | Yes |
| Can get cash back | No | Yes |
| Needs a home appraisal | No | Yes |
| Get a lower interest rate | Yes | Yes |
| Home must be your primary residence | No | Yes |
While the answer for this question will vary based on your exact situation, there are three main things that can help guide you in the right direction when trying to decide if you should get a VA loan:
Our exceptional support staff is dedicated to ensuring a seamless experience for our clients, addressing inquiries and providing solutions with a personal touch.
As a LAPP-approved lender, we have automatic authority to close your loan. You can count on our experience and expertise to get it done quickly.
We pride ourselves as experts on the VA loan process. While other lenders can also do VA loans, we know the process inside and out.
Talk to one of our expert VA loan officers at (855) 486-2246
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Message us at (385) 257-3266
Low VA Rates helps servicemembers and veterans afford their dream home through competitive rates and terms for VA mortgage loans.
