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VA Cash-Out Refinance, Explained
Refinance into a new VA loan and pull cash from your equity — even if your current loan isn't a VA loan.
A VA cash-out refinance replaces your current mortgage — VA or otherwise — with a new VA loan for more than you owe, and you receive the difference in cash. It's one of the few refinance options that lets you draw on equity while still benefiting from VA terms (no monthly mortgage insurance, competitive rates).
Generally a good fit if you...
- Have built up equity and want cash for renovations, debt consolidation, or other major expenses
- Currently have a non-VA loan but are VA-eligible and want to refinance into VA terms
- Want to consolidate a first and second mortgage into one VA loan
General guidelines
- Funding fee: higher than an IRRRL — typically 2.15% for first use, 3.3% for subsequent use, unless exempt
- Appraisal: a new appraisal is required, unlike an IRRRL
- Loan-to-value: lenders generally cap how much of your home's value you can borrow against
Have equity in your home and VA eligibility? Let's run the numbers.
Every situation is different, and these are general guidelines — the fastest way to know where you stand is a quick conversation. Send us a message or visit our team page to apply directly.