Refinance Options
VA offers refinancing tools for veterans with existing mortgages. Compare carefully before refinancing.
VA IRRRL (Interest Rate Reduction Refinance Loan)
Streamline refinance from one VA loan to another with a 0.5% funding fee.
Requires current or prior occupancy of the property.
Streamline ≠ free. Compare APR, points, fees, and breakeven period before proceeding.
VA Cash-Out Refinance
Replaces any mortgage with a VA-backed loan and allows access to home equity.
Funding fee: 2.15% (first use) or 3.3% (subsequent use) unless exempt due to disability compensation.
MCC/DPA recapture warning: Refinancing can trigger repayment rules on existing down-payment assistance or Mortgage Credit Certificates. Verify before proceeding. Beware misleading refinance solicitations.