A cash-out VA refinance loan allows qualified Veterans to refinance their current loan, potentially at a lower rate, and access the home’s equity for other purposes. The amount of cash out available to the borrower is the difference between the new loan amount and the existing loan’s balance plus closing costs.
VA Cash-Out Refinance Overview
How You Can Use Your Home Equity
VA cash-out refinance loans use the same guidelines as VA Loans for qualification and approval, regardless of whether the borrower is refinancing a VA, conventional or another mortgage. This means the Veteran borrower must intend to use the home as their primary residence. The closing costs and funding fee for a VA cash-out mortgage refinance can be included in the new loan amount.
Borrowers can use the cash equity obtained through their VA Loan cash-out refinance for any purpose. Most commonly the funds are used to:
- Consolidate existing debts such as credit cards or auto loans
- Help pay for educational expenses or pay off student loans
- Remodel or upgrade the home’s kitchen and bathroom(s)
- Complete major repairs the home is in need of
To get started with a VA Cash-Out Refinance call us at 888-241-5657 or fill out the form on this page. A specialist from our team will contact and assist you.
