Many veterans are unaware that they can take out a VA Cash out Refinance through the Veterans Administration. Often times, a veteran can qualify for a loan with an interest rate as low as 2.75 percent. One of the problems that causes veterans to miss out on their loan opportunities is the private lender does not make that information public. Although private lenders have to adhere to VA guidelines, they do not have to advertise the type of VA Cash out Refinance programs that are currently available. Please keep in mind that the VA does not provide the funds to close, they only guarantee that the veteran will meet their mortgage obligation.

The Benefits of a VA Cash out Refinance

One of the biggest benefits of a cash out refinance is the ability of the veteran to take out a loan that is larger than their current principal balance. The difference between the two loans is given to the veteran in the form of a check, and they are free to use the money as they choose. A veteran can also refinance a non-VA loan into a VA loan with a far lower interest rate. Even if the veteran is underwater on their current mortgage, the VA will work with the veteran to obtain a far better interest rate and principal balance.

Using MortgageDepot for VA Cash out Refinances

We are a leader in the mortgage industry throughout the state of New York. Our reputation for working with veterans trying to obtain VA financing is unmatched. We have a professional staff that is fully versed in how VA Loans work and provide the veteran with a large network of reputable private lenders. It is a wise choice to seek out the our services if you are looking to obtain a VA Cashout Refinance.

Contact one of our loan consultants to learn more about this program.

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