VA Home Loans and Mortgage Refinance Questions Answered

Do I have to refinance with the same lender to get a streamline loan?

No, it is to your benefit that you look around to ensure you are getting the best deal and service you deserve.

I just completed a VA streamline refinance in the past year. Does it make sense to refinance again?

This is not a simple answer as it depends on your particular scenario and goals. For example, If the loan costs you nothing, and you drop the rate by .5% then it may make sense. If the loan costs you thousands of dollars and you will move in the next few years, it may not benefit you. The best way to see if it is beneficial for you is allow us to discuss your scenario with you.

If I am eligible for a VA loan, does this guarantee I will be approved?

No, eligibility just means you are able to apply. You still have to qualify on an income and credit basis to be approved.

I have submitted my service connected disability paperwork. Will the VA Funding Fee be waived if I refinance?

The Funding Fee will not be waived, but there is a good chance that the VA will reimburse you for that cost if the disability is approved.

I have a VA loan on a property that is rented out, can I still refinance it?

Yes, you would be eligible for a Streamline Refinance only. Some restrictions can apply so discuss with your lender first.

I have a VA loan on a property that is rented out, can I refinance my primary residence into a VA loan?

Yes, some restrictions apply but you can have two VA loans at one time.

What is a VA Streamline or IRRL loan?

IRRL or Interest Rate Reduction Loan is a fast, easy, and cheap refinance to allow someone who currently has a VA loan, to obtain a lower rate, go from an adjustable to a fixed rate, or shorten the term on their loan. These loans are quite possibly the easiest type of home loan available today.

I owe more than my home is worth, can I refinance ?

If your current loan is a VA loan, you would be eligible for a Streamline refinance where value may not be an issue. You cannot refinance into a VA loan if upside down and your current loan is not VA. Please speak to our specialist to determine how your scenario would be handled.

I want to pay off some credit cards and do some home improvements, can I use a VA loan for this?

You certainly can. We will allow up to 100% of the appraised value to do a VA cash out loan. VA is the only program that allows you to pay off debt or obtain cash at 100% of the value of the home.

I want to pay my property taxes and insurance separately can I do this with a VA loan?

Generally not, most lenders will not allow this

I have a VA loan on my first mortgage and a home equity loan, can I still refinance?

Yes you can. You can choose to combine both loans into one as long they both do not total over 100% of the loan amount (Cash Out Refinance). You can also do a streamline refinance on the first mortgage to lower your rate, and leave the home equity loan be. Some restrictions apply, please contact us for further details.