At Reliance Mortgage, we provide specialized refinancing options for eligible Veterans, including Interest Rate Reduction Refinance Loans (IRRRLs) and Cash-Out Refinance Loans. The IRRRL is a streamlined option that lets you adjust the terms of your existing VA-backed home loan to potentially lower your monthly mortgage payments. This refinancing process is designed to be efficient, requiring less paperwork and fewer requirements.
With an IRRRL, you benefit from no need for an appraisal or credit underwriting package, and you might have no out-of-pocket costs. It also offers the chance to switch from a VA adjustable-rate mortgage to a VA fixed-rate mortgage, potentially lowering your interest rate. However, this option is only available for existing VA loans and does not include a cash-out feature.
On the other hand, a Cash-Out Refinance allows you to tap into your home’s equity for various purposes, such as renovations, repairs, or vacations—there are no restrictions on how you use the funds. This option enables you to refinance up to 100 percent of your home's value and convert a non-VA loan into a VA-backed loan. Nevertheless, it comes with certain requirements, including minimum income and credit score criteria, and might require an appraisal. Additionally, the home must be your primary residence. Explore these refinancing options with Reliance Mortgage to find the best fit for your financial goals.