Learning Center – Refinance
I want to get cash out of my property.
If you have built some solid equity in your home, a home equity loan lets you exchange a part of this equity for cash. A lot of people use this cash loan to:
• Make home repairs,
• Pay off high interest credit cards,
• Pay for college tuition, and
• Create a cash cushion
It’s really up to you. However you decide to use your home equity money, you can usually deduct the interest. Home equity loans are also a good option if you face high medical bills or some other emergency.
I want to reduce my homeownership cost.
You may be one of the thousands of homeowners who qualify for a reduced rate through an FHA 203(b) Streamline Refinance. Or apply to reduce your insurance payments or remove a borrower from the mortgage. Explore the Benefits of Streamline Refi.
FHA 203(b) may help:
• Current FHA loan borrowers who qualify refinance without an appraisal
• Qualifying borrowers remove someone from the loan
• Homeowners who qualify reduce their rate
Qualifying homeowners who want a fast, limited documentation way to refinance
I want to do a VA Interest Rate Reduction.
With a VA loan, you are not outside of the realm of being able to refinance to see if you can get a better rate, or even to cash-out on equity. For eligible VA loan borrowers, there may be specific options just for you to be able to refinance your loans:
VA IRRRL or Veterans Affairs Interest Rate Reduction Refinancing Loan
Veterans, Retirees and Active Duty Personnel can refinance an existing VA guaranteed loan to reduce the interest rate or switch an adjustable rate to a fixed rate through the VA Interest Rate Reduction Refinancing Loan (IRRRL). No appraisal or credit underwriting is required unless upon request. IRRRL only requires applicants to certify previous ownership of the home under the loan’s coverage and may be done with no money out-of-pocket by including all costs in the new loan.
This VA refinance option helps eligible military borrowers refinance their home loan to get cash out from built-up equity.