{"id":3641,"date":"2021-06-20T22:13:08","date_gmt":"2021-06-20T22:13:08","guid":{"rendered":"https:\/\/www.fmloans.com?p=3641"},"modified":"2023-09-14T20:22:05","modified_gmt":"2023-09-14T20:22:05","slug":"va-loan-refinancing","status":"publish","type":"post","link":"https:\/\/integrumresources.com\/fmloans\/va-loan-refinancing\/","title":{"rendered":"VA Loan Refinancing"},"content":{"rendered":"\n

Are you an active duty military serviceman or woman or a veteran who purchased your home with a VA loan<\/a> and interested in reducing the amount you owe for monthly mortgage payments? You may be qualified to refinance your existing VA loan for a new mortgage with more favorable conditions and terms. If you are interested in learning more about how to refinance a VA loan in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, Foundation Mortgage can help. Contact our loan specialists<\/a> today for a consultation.<\/p>\n\n\n\n

VA Loan Refinance Types: VA Streamline\/IRRRL and VA Cash-Out Refinance<\/span><\/span><\/h2>\n\n\n\n

There are two commonly used VA loan refinance programs, VA streamline, also known as IRRRL, (Interest Rate Reduction Refinance Loan) and VA cash-out refinance. A VA streamline loan is intended to simplify the process of refinancing a VA loan and allows borrowers to refinance a current mortgage rate to a lower rate currently being paid. With a VA streamline streamline refinance, certain documentation requirements can be waived, making the refinancing process occur more quickly. A VA cash-out refinance allows a borrower to turn their home\u2019s equity into cash. This type of loan lets a borrower refinance their loan to a lower payment and keep the cash difference. You can also use a VA cash-out to lengthen the time needed to pay off the loan.<\/p>\n\n\n\n

Preparing to Refinance Your VA Loan<\/span><\/span><\/h2>\n\n\n\n

If you want to refinance your VA loan, there are several steps you can take in order to prepare for the process.<\/p>\n\n\n\n