Thinking of Refinancing Your Mortgage?

In addition to home purchase loans, the VA backs refinance programs for qualified military and veteran homeowners. If you’re looking to lower your monthly payments, cash in on your home equity or shorten your loan term, a VA refinance might be a good option for you.

VA Refinance Programs

There are two VA refinance programs available: the VA Cash-Out Refinance and the VA Streamline Refinance, also known as the VA Interest Rate Reduction Refinance Loan (IRRRL). Each program offers different benefits and features, so be sure to carefully evaluate your current situation and goals to determine which option works for you.

VA Refinance Eligibility

Eligibility requirements for a VA Refinance loan are similar to those for a VA home purchase loan.


VA Cash-Out RefinanceThe Cash-Out option gives qualified homeowners the opportunity to
refinance their existing VA or non-VA mortgage to access the equity
in their homes through cash back.
- Follow standard VA loan credit, appraisal, and underwriting processes.
- No restrictions on what you can do with the cash back.
- You can refinance a VA, USDA, FHA or conventional loan.
- Up to 100% financing*
Visit our blog to learn more about the Cash-Out program.

(Not offered in Texas. *Cash in-hand is limited.)

VA Streamline IRRRLThe Streamline IRRRL (Interest Rate Reduction Refinance Loan) provides an efficient way to refinance one VA loan into another VA loan with a better interest rate.
• VA-to-VA loan refinancing only
• No appraisal or credit underwriting required
• No cash back may be taken
• This option is sometimes used by homeowners who have an existing
ARM (Adjustable Rate Mortgage)
Other Refinance OptionsEveryone's financial circumstances and goals are unique, so there may be
non-VA refinance options that would works for you.
Please reach out to our team to get started, or apply online now below.

The VA Refinance Loan Process

The VA mortgage refinance process varies depending upon which program you choose. VA Streamline Refinances require less paperwork and some of the regular steps like an appraisal are not required. In contrast, VA Cash-Out Refinances follow similar processes that VA purchase loans do, including credit verification and a home appraisal. The entire process will typically take longer with a Cash-Out than a Streamline loan, with closing times taking an average of 45 days. However, because of the limited requirements, VA Streamlines can take much less time.

The VA Funding Fee

There is a VA Funding Fee required when using a VA refinance program. This one-time payment goes directly to the VA and helps them sustain the VA home loan program and avoid charging veterans more costly expenses, like private mortgage insurance. The Funding Fee is determined based on the branch of service, down payment, number of times used, and disability. You may pay the Funding Fee up front or finance it into your mortgage payments.

Apply for a VA Refinance

Apply on our website or call one of our branch locations to get started on your VA Refinance. An Aligned Mortgage loan expert can help you make a financial assessment and provide recommendations for your home refinance loan.

Aligned Mortgage - Waipio
94-539 Puahi Street
Waipio, HI 96797
NMLS #1696573
Licensed in Hawaii -Texas -Oregon -California
Phone 808-677-5626

Aligned Mortgage - San Antonio
1027 Austin Hwy STE 101
San Antonio, TX 78209
NMLS #1695733
Licensed in Texas - California
Phone 210-874-1630

 © 2018 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
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