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A VA loan or mortgage refinance is a home loan product backed by the Department of Veterans Affairs (VA). It lets you swap your current loan for a new one, but with different terms.
Key takeaways. Also known as a VA streamline refinance, an interest rate reduction refinance loan (IRRRL) is a type of refinance exclusively for VA loans that can lower your monthly mortgage payments.
VA mortgages and refis offer many generous benefits, including the ability to finance or tap 100 percent of a home’s value. But does that mean a VA cash-out refinance is a good idea? Not always.
A VA cash-out refinance option allows qualified veterans to borrow up to 100 percent of their home’s value in cash at closing, though some lenders may limit the amount to 90 percent. Either way ...
These types of mortgages, which are guaranteed by the U.S. Department of Veterans Affairs and available through lenders nationwide, tend to offer attractive fixed-rate loans with no money down. VA ...
Reverse mortgage: A reverse mortgage isn’t a refinance in the traditional sense. It allows homeowners aged 62 and older (sometimes 55 and older) to turn their equity into income.
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