Get Cash for the Things That Matter
Another option for refinancing your VA home loan lets you tap into your home’s equity and use it as cash. This is a good option if you need cash for credit card debt, college tuition, a home remodel, to pay off high-interest loans or any other purposes.
Not to be confused with a home equity loan, which is a second loan that runs alongside your current loan, the VA Cash-Out refinance loan replaces your current loan.
With the VA cash-out refinancing program, you aren’t even required to take cash out. If you are a qualified veteran with a non-VA loan, you can use this benefit to take advantage of lower rates, get out of an adjustable-rate loan or eliminate costly mortgage insurance you may have with other loan types.
The process for getting a VA Cash-Out Refinance is similar to the process for a typical VA purchase loan. It includes credit underwriting, an appraisal and more.
Talk to your Resource mortgage banker about this refinance option to see if this solution could help you reach your financial goals.