![]() For example, you may not qualify if you just want to take out some extra cash from your home's equity, but the new loan simultaneously raises your interest rate and monthly payment. Keep in mind that a VA IRRRL/Cash-Out Refinance must provide you with at least one net tangible financial benefit. The cash-out refinance process is similar to your original VA loan, so you'll need to provide many of the same documents you needed for your original mortgage. If you want to extract some cash from your home's equity, you can opt for a VA Cash-Out Refinance. Documentation requirements and guidelines vary by lender, so speak to your loan officer about any additional requirements when verifying income, employment and credit. While the VA doesn't require this, your lender might. For example, since you've already provided your DD-214 and COE with your original VA loan, you won't need to go chasing down those documents.īut, the most attractive benefit of an IRRRL is the documents the VA doesn't require you to provide: The reason people refer to this program as the streamline refinance is the reduced documentation requirements. The Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, is one of the most effective refinance tools available to Veteran homeowners who want to lower their monthly payment and interest rate. VA Loan Refinance ChecklistĪs a Veteran with a VA-backed loan, you get access to highly beneficial mortgage refinance programs. Skip the guesswork and connect with a home loan specialist to start your VA loan. Still, it's never a bad idea to have those documents ready to go before you apply. If you were a renter during your time at those addresses, gather any documents that verify your payment history and how much rent you paid.įortunately, your loan officer will guide you through the process of verifying rent and payment histories. However, it's always a good idea to provide the addresses of where you lived over the past few years - especially if you've moved around recently. ![]() Of course, you'll need to provide basic information such as your current address, phone number and a valid email address.
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