VA Cash Out Refinance
The VA Cash out refinance loan is a wonderful product for Veteran home owners that have built up some equity. If you are a Veteran homeowner that would like to use the equity in your home the VA cashout is the option for you. The VA cash out refi allows veterans to go to 100% of the appraised value of the home. So if your home is worth 200,000 dollars and you owe 100,000 dollars you would be eligible to receive 100,000 in equity after the closing.
Many Veterans confuse this with a home equity loan. The home equity loan is actually a second loan or mortgage that complements an existing mortgage. The VA cash out refinance loan replaces your existing VA home loan or mortgage.
VA Cash Out Loan Benefits
The VA Cash-out loan has some nice advantages. Below are some of the benefits of the cash-out.
- 100% Loan
- Pay Off Debt.
- Home Improvements
- Saving / Education
So if you are thinking of paying off a car or making some home improvements this is a wonderful option for veteran home owners that have equity in there home. Again what makes this product unique is that as a veteran benefit veterans can pull out up to 100% of the appraised value at closing.
Using Your VA Cash Out to Pay Off Debt
Unfortunately, many of us have debt. As a matter of fact, the national average for credit card debt is 16,000 dollars. This kind of debt is a huge burden on so many families. The good news is with your VA cash-out benefits you can use the equity in your home to pay off debt that is weighing you down. Many of the debt that people have are high-interest credit cards. It can take years to pay off these credit cards while putting a huge dent in your wallet. In the video above Jeff from National VA Loans gives a great example of this.
If you would like to learn more about the VA cash out refinance call (855) 956-4040 to speak with a licensed VA home loan officer that can anwer any questions that you might have.