Ready to refinance your loan?
Regardless of why you want to refinance, you have two options: cash-out or rate-and-term.
VA Cash-Out Refinance
With the VA Cash-Out Refinance, you have the opportunity to turn the equity in your home into cash. Unlike a traditional home equity loan, which is actually a second loan, this program replaces your existing mortgage.
Benefits:
- Reduce your total monthly payments
- Payoff High Interest Rate Credit Cards
- Payoff Auto Loans
- Skip a house payment
- Pay $0 out of pocket
VA IRRRL
The VA IRRRL (Interest Rate Reduction Refinance Loan), also known as the VA Streamline refinance, allows you to refinance your existing VA loan to a lower interest rate, even if you don’t have any equity in your home. You’re not required to get a new appraisal or submit a full credit report, which makes the process virtually hassle-free. There are usually no out-of-pocket costs, either.
Benefits:
- Lower monthly payments
- Reduce interest rates
- Build equity faster
- Pay off loans sooner
- VA Cash-Out Refinance
FHA 203(b)
An FHA 203(b) refinance can be used to refinance an existing conventional or FHA mortgage.
Benefits:
- Down payment as low as 3.5 percent; down payment can also be a gift from parents or relatives
- Looser credit qualifications than conventional refinance loans
- Lower closing costs
- Private mortgage insurance (PMI) can be paid in cash or financed as part of the loan
- Choose from fixed or adjustable interest rate
- No prepayment penalties
FHA Streamline
If you already have an existing FHA mortgage, an FHA Streamline refinance loan is a good option.
Benefits:
- Lower monthly payments
- educe interest rates
- Build equity faster
- Pay off loans sooner
- Higher loan-to-value ratios
Cash-Out Refinance
A cash-out refinance lets you tap into your home’s equity. You can use the cash for whatever you want.
Benefits:
- Lower interest rate than traditional loan
- Easy way to pay for large expenses, such as debt consolidation, home improvements, or tuition
Rate-and-Term
A rate-and-term refinance changes the rate and terms of your existing mortgage by paying off your original loan and replacing it with a new one.
Benefits:
- Lower your interest rate
- Lower your monthly payments if you select a longer term
- Pay off your loan faster if you select a shorter term