The Benefits of VA Refinancing

From Lower Rates to Better Terms

Whether you’re refinancing into a VA loan from another mortgage type, taking cash out, or simply improving your current rate, a VA refinance can offer serious benefits.
 
However, because there are many lenders to choose from, it’s important to shop around. Get approved for our mortgage marketplace and receive multiple top offers at once.
 

How VA Refinancing Works

Typically, you have two VA Refinancing options to consider:

  1. VA Streamline Refinance (aka IRRRL)
  2. VA Cash-Out Refinance

 
A VA Streamline (or Interest Rate Reduction Refinancing Loan) is ideal if you want to lower interest, change terms, or convert from one mortgage type to another. For example, if you want to go from an adjustable- to a fixed-rate mortgage. However, you can only apply if you already have a VA loan, and you can’t use it to take cash out.
 
A VA Cash-Out does more than the name suggests. Firstly, you don’t actually have to take out equity. This loan can be used to pay off other debts, switch from a non-VA to a VA loan (eliminating mortgage insurance), and, if you want, get cash at closing. However, more paperwork is required so it takes longer to get approved.

 
 
 

Features of VA Refinancing

VA Streamline

  • No home appraisal
  • No credit requirement
  • Lower upfront Funding Fee (0.5%)
  • Fast with reduced paperwork
  • No income verification
  • Does not allow you to take cash out
  • Only possible if you already have an existing VA loan

VA Cash-Out

  • Access up to 100% equity
  • Removes mortgage insurance
  • Possible from non-VA loan
  • You may use this loan to pay off other debts
  • Requires an appraisal as well as other proof of eligibility
  • Carries a 2.3% Funding Fee for first use and 3.6% thereafter

 
 
 



 
 
 

The SYO Mortgage Marketplace


We’re an independent marketplace, so we’re not tied to any product line or lender. Our goal is to make it easier for homeowners to secure the best home financing.

  1. First, fill out one easy application
  2. Next, we verify your application for all the top lenders
  3. Finally, select & close your best offer
You’ll never be under any pressure to move forward and our service is entirely free to use. And, if you choose to accept an offer, we’ll be by your side from origination to closing.

We’re so confident you’ll find your best mortgage here, we stake our business on it: We only get paid after your loan funds. (Your lender pays us directly for verifying your application, so you’ll never pay a dollar out of pocket for our service.)

No fees, mark-ups, or obligations.

 
 
 

Got questions? Book a chat with a mortgage consultant.