How to refinance your existing VA Home Loan program, there are 2 ways - with a cash-out refinance up to 100% of the appraised value or with an Interest Rate Reduction Refinance Loan (IRRRL for short)

VA home loans refinance
VA Refinance Home Loan in California:

Sometimes there is a need for a little extra cash, especially if you are a veteran or currently active duty to pay off high-interest rate credit card debt, cash for some much-needed home improvement projects, pay off student loan debt or remove someone for the loan and title of your existing VA home loan. The VA home loan in California will allow a qualified homeowner to take 100% of the equity in your home for any reason, no other loan program will allow you to take 100% equity out of your to do as you please with it, that is one of the biggest benefits with applying for a VA cash-out refinance home loan.

The other benefit with having an existing VA loan is that you can simply refinance into an Interest Rate Reduction Refinance Loan (IRRRL) to a lower fix interest rate or lower the term out existing loan from a 30 year into a 15 year loan without supplying any income documentation or having to do an appraisal on your home and a termite report is not required on an IRRRL. 

What is VA refinance home loan:

The VA refinance program is for personals who are currently active duty or persons who have served at war since 1940 and is now a veteran of the arm services. This is for persons who already have or need to refinance into a VA loan and is now looking to refinance to take advantage of the equity in their home to pull cash out for personal reasons as mentioned above. VA refinance basically is a loan system that was set up in order to refinance your loan at the lowest rate possible. It is also known as Interest rate reduction loan, know as an IRRRL which means Interest Rate Reduction Refinancing Loan, also some people may refer to it as a streamline VA.

VA Cash-Out Refinancing:

This allows eligible candidates to take out a loan on a property that is already owned by the Veteran. In this case, a veteran is not required to have an existing VA home loan in order to receive cash-out refinancing. The current loan on the property can be on another home loan program such as an FHA or Conventional loan program. The VA cash-out refinance home loan is perfect for a Veteran looking to pull out up to 100% of the appraised value.

Who is eligible for a VA refinance home loan:
The same groups of individuals that are eligible for a VA loan are eligible to apply for a VA refinance home loan. These groups of persons are Active men and women on duty providing that they have been on duty for more than 181 days, members of the reserve and Guard members. The veteran must supply a legible and current copy of their DD214 once honorably discharged along with their Certificate of Eligibility (which we can obtain online) and for that active military personnel, we will need your Certificate of Eligibility (which we can obtain online).

As mention above the VA refinance home loan in California allows the Veteran or active military refinance up to 100% of the appraised value to take cash out for any reason or apply for a smooth and easy VA Streamline refinance to lower the overall monthly mortgage payment. 

Who should you speak with when applying for a VA home loan refinance program?
A licensed mortgage professional, this individual will have their National Mortgage Licensing number known as NMLS, my number is 292056. Start off by asking for the loan officer's NMLS number, this individual is properly licensed to present home loan options to you. Make sure you look their license number up HERE to ensure you are speaking with the right person and their license is current. With a decision like refinancing your home, work with a properly licensed loan officer to ensure they have your best interest in mind.

I welcome the opportunity to assist you with a VA refinance home loan to lower your overall mortgage payment with the IRRRL program or look at the cash out refinance option. It does not hurt to explore your available lending options with a VA home refinance. At least you will know what is available to you and if this is not the time to move forward with the refinance, you will have a blueprint on what it will take to facilitate a loan when the time is right for you. Contact me at 909-503-5600 to discuss your plans with a conventional home loan in California.