VA Loan Rapid Refi
Instantly Check Your Refinance Eligibility
This tool assumes a 30-year VA Loan with 660 FICO score. Eligibility with other loan types and loan terms may vary. The current interest rate may not be accurate, as the current rates are constantly changing. This tool assumes you are not exempt from the VA Funding Fee. If so, your potential savings may vary.
By using this tool, you agree to our Terms and Conditions
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. Link to this page : https://fred.stlouisfed.org/docs/api/terms_of_use.html
VA Loan Rapid Refinance Eligibility Calculator
Navigating the world of VA loans can be tricky, especially when it comes to refinancing. Refinancing your VA loan can be a game-changer, offering you lower interest rates, reduced monthly payments, and even cash out on home equity.
But how do you know if you’re eligible for rapid refinance?
This is where the WeVett VA Loan Rapid Refinance Eligibility Calculator comes into play. This tool is designed to simplify the process, giving you a clear picture of your refinancing options in no time.
What is Refinancing?
Refinancing involves replacing your existing mortgage with a new one, typically with better terms. This can lower your interest rate, reduce your monthly payment, or allow you to tap into your home’s equity.
Why Consider Refinancing?
Refinancing can save you money in the long run, provide you with extra cash for expenses, or help you pay off your mortgage faster. It’s a financial strategy worth considering if you qualify.
Different Types of Refinancing Options
There are various refinancing options, including cash-out refinance, and streamline refinance. Each has its own benefits and eligibility requirements. We can help you sort out which refinancing option is right for you.
VA IRRRL Eligibility
To take advantage of a VA IRRRL, you must meet the following requirements:
- You already have a VA-backed home loan, and
- You’re using the IRRRL to refinance your existing VA-backed home loan, and
- You can certify that you currently live in or used to live in the home covered by the loan
VA Cash-Out Refinance Eligibility
To take advantage of a cash-out refinance, you must meet the following requirements:
- You qualify for a VA-backed home loan Certificate of Eligibility, and
- You meet VA’s—and your lender’s—standards for credit, income, and any other requirements, and
- You’ll live in the home you’re refinancing with the loan
Frequently Asked Questions About VA Loan Rapid Refinance
Yes, you can refinance more than once, but each time you must meet the eligibility criteria. Multiple refinances can affect your credit score and overall financial health. There is no limit to how many times you can refinance with a VA Loan.
The rapid refinance process is typically faster than traditional refinancing, often taking just a few weeks. However, timelines can vary based on individual circumstances.
Yes, the VA funding fee is required for refinancing with a VA Loan. However, the VA Funding Fee is only 0.5% for a VA IRRRL, regardless of first-use or subsequent use conditions. VA Cash-Out Refinance requires 2.15% for first-use and 3.3% for subsequent use.
Read more about the funding fee >
Are you exempt from the funding fee? Talk with our VA loan specialists to see!
There may be fees associated with refinancing, including closing costs, and local taxes and fees. These should be considered when calculating the overall savings. Contact us for a free, no obligation estimate specific to your situation, as taxes and local fees can vary greatly depending on your property location.
Yes, if your current mortgage on the property is a VA Loan, and you still meet VA eligibility requirements, then you can refinance your VA Loan at residential rates if you qualify, even if you have converted the property into an investment property (rental or similar). This allows you to convert your VA mortgage loan into a loan that doesn’t require you to use your property as your primary residence.
Learn more about leveraging the VA Loan for investing in real estate as a military service member.
Contact us for more details.
