VA Refinance Loan Options


Veterans seeking lower interest rates on their mortgage or a better way to pay off debt have two main refinancing options - VA IRRRL and cash-out loans. One is just for refinancing the mortgage, while the other helps you pay off expenses by providing you with cash from your home's equity.

At USVM, we work one on one with veterans to help them understand their refinancing options. It is our goal to guide you to the lowest interest rates possible to help you enjoy lower payments and a better alternative for pressing expenses. Contact us today to discuss your situation and options. We'll guide you step by step to finding the perfect refinancing solution.


If you already have a VA loan, but your current mortgage interest rate is too high, it may be time to consider refinancing. A VA IRRRL, also known as a streamline refinance, lets you essentially replace your current VA loan for another. For qualified veterans, the solution is ideal and best of all quick. With a reduced interest rate, payments are smaller. You can also pay off the loan faster since more of your payment goes towards the principal instead of interest.

Refinancing through a VA IRRRL has several major advantages over other options:

  • Use your existing Certificate of Eligibility
  • No appraisal necessary for qualified recipients
  • No out of pocket costs if you choose to roll any fees into the new loan

Before you choose to refinance with this option, consider whether the loan is the right option for you. While the process if fairly simple, you must meet certain requirements before being considered:

  • Current on payments for existing mortgage
  • No more than one missed (30 day late) payment within the last year
  • Must currently or previously have occupied the mortgaged property

When you refinance with a VA IRRRL, remember that you do not receive any cash back. This type of loan is only for refinancing for a better payment and/or interest rate. You have the option to choose between fixed rate and adjustable rate to best meet your needs. We'll help you choose the best rate type for your situation.


Cash-out loans not only allow veterans to enjoy a lower interest rate, but also receive cash back for other expenses. Unlike home equity loans, a cash-out loan replaces your existing mortgage. Typically, the interest rates are lower for cash-out loans than short terms loans from other creditors. This type of loan is an option regardless of your current mortgage type, whether you have an FHA, USDA or conventional loan, cash-out is available to you.

Why should you choose a cash-out loan over a second mortgage or short term loan?

  • Lower interest rate
  • Single low monthly payment
  • Refinance as much or as little as you need
  • Longer pay back period
  • Any fees and cost rolled into new loan

You can use your cash for any reason. From college tuition to home improvement and everything in between, it is your money. You can even refinance just to extend your current repayment period.


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We understand that this is a lot of information to process and go through. If you would like personal help on the reasons, options, process of a VA refinance and how to get started then USVM is glad to be of service. Contact us at 888-997-8786 to learn more about which options will work best for you. We would be honored to serve you!