A VA cash-out refinance replaces your current mortgage with a new VA loan, ideally with better terms, while allowing you to take out cash against your home for a variety of reasons, such as upgrading the property or paying down high interest debt. If your existing home loan isn’t backed by the VA but you’re eligible for a VA loan, you can do this cash-out refinance to take advantage of lower VA refinance rates.
For more information on how to take advantage of this program, Call Griffin Funding Bayside today!
Should you do a VA cash-out refinance?
To determine whether a VA cash-out refinance loan is a good option for you, start by evaluating your existing loan. Ask yourself:
- What is the interest rate on that loan? Take a look at what you’re paying for your existing loan. Then, compare that to current VA refinance rates to see how much you might be able to save.
- Are you paying mortgage insurance on the loan? If your current mortgage is a conventional or FHA loan, you might be paying for mortgage insurance. If you refinance to a VA loan, you won’t have to pay for that insurance.
- What do you plan to do with the cash? Getting access to cash at a low interest rate is one of the main perks of a VA cash-out refinance, so consider your goals for those funds. These might include consolidating debt, financing home improvements or paying for tuition.
For more information, Get in touch with Griffin Funding Bayside today!
“I am very pleased with my recent experience with Griffin Funding. From the initial inquiry to the final close, the process with our mortgage was seamless. Colby and Shayda provided white glove service and really were extremely quick to respond to questions. They really did a wonderful job throughout the whole process. Thanks so much Colby and Shayda! You guys rock!”