Best VA Loan Refinance
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What is a VA refinance loan?
VA streamline refinance loans
VA cash-out refinance loans
What is an IRRRL?
Pros and cons of a VA IRRRL
- No appraisal is necessary (which means no appraisal fee).
- Does not require credit underwriting, and has no minimum income or credit score requirements.
- Option to avoid upfront closing costs if you roll them into the new loan amount.
- Does not allow you to cash out your home equity (you'll need a VA cash-out refinance for that).
- Refinancing an adjustable-rate-mortgage into an IRRRL with a fixed rate could increase your interest rate.
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