Why borrowers consider it
VA loans don't require monthly mortgage insurance, so some borrowers compare it to a loan that does. Whether it saves money depends on rate, fees and the funding fee.
What's required
A COE, primary residence occupancy, an appraisal, and meeting VA and lender credit and income standards.
Compare before you decide
Compare the total cost, including any funding fee, against what you'd save. Eileen can lay out both side by side.
What Eileen can help with
- Comparing your current loan with a VA option
- Checking funding fee exemption status
- Requesting your COE
Frequently asked questions
- Do I have to take cash out?
- No. The cash-out program can be used to refinance into a VA loan without taking cash.