The VA's Cash-Out refinance Loan gives qualified veterans the opportunity to refinance their conventional or VA loan into a lower rate while extracting cash from the home's equity.
With the VA Cash-Out refinance, you have the opportunity to turn the equity in your home into cash. This shouldn't be confused with a home equity loan, which is a second loan that runs alongside your current loan. The VA Cash-Out refinance loan replaces your existing mortgage instead of complementing it.
Qualified homeowners can refinance up to 100 percent of their home's value for mortgage debt in some cases. In others, homeowners can refinance up to a lower percentage and use the cash to cover debt payments and other needs.
Whether refinancing a conventional, FHA or USDA loan, the VA Cash-Out refinance option is available regardless of loan type. Many homeowners choose the VA Cash-Out refinance option over other types of loans because of the ability to repay the loan over a longer period of time, and typically, the VA Cash-Out refinance option comes with a lower interest rate.
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