Linour Lending

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VA Loan

Ready to invest in your Future Dream home?

If you’re an active duty service member and veteran, our team specializes in navigating the VA refinancing landscape. We’ll provide a clear path through the variety of refinancing options available, tailoring our guidance to find the best fit for your unique situation. With a deep understanding of the real estate and financing environment, we ensure a smooth transition to more favorable loan terms, tailored to the brave individuals who’ve served our country.

Refinance VA Loan

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    Conventional Refinance Loan

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    Frequently Asked Questions About

    Loan Refinance

    Can’t find the answer you’re looking for? Reach out to one of our qualified loan offcers team.

    A VA refinance allows veterans and eligible service members to restructure their existing VA loan, often to a lower interest rate or a different loan term through the VA IRRRL program. This can lead to significant savings over the life of the loan and improve financial stability.

    • Reduced Rates: Refinancing your mortgage through the VA can lead to a more favorable interest rate, which might lower your monthly payment amount.
    • Streamlined process: The VA’s Interest Rate Reduction Refinance Loan (IRRRL) often has a more straightforward and quicker process than conventional refinancing routes.
    • Appraisal and Credit Flexibility: Many times, the VA IRRRL doesn’t mandate a property appraisal or credit evaluation.
    • Cost Efficiency: It’s common to incorporate the closing expenses into the refinanced loan or to offset them with credits from the lender.

    While the VA IRRRL is designed for rate and term refinancing, homeowners can tap into their home equity with a VA Cash-Out Refinance, offering an opportunity to address larger financial objectives.

    To qualify, veterans need to hold an existing VA loan, be up-to-date on mortgage payments, and adhere to the VA’s occupancy guidelines. A VA-approved lender can provide personalized eligibility information based on individual circumstances.

    Homeowners with non-VA loans may refinance into a VA loan through the VA Cash-Out Refinance program, leveraging the benefits of VA lending, subject to meeting the VA’s eligibility criteria and loan limits.

    The VA funding fee, integral to sustaining the VA loan program, varies by the borrower’s service details and loan usage history. This fee can typically be financed within the loan to ease the initial financial burden.

    Homeowners with conventional or FHA loans can refinance into a VA loan, potentially reducing their interest rates and accessing the VA loan’s advantages, by qualifying for a VA Cash-Out Refinance.

    Starting the VA refinance process involves consulting with a VA-approved lender, who will help you understand your options, gather necessary documents, and submit your application.

    While reduced costs are a hallmark of the VA IRRRL, certain fees may apply, including the VA funding fee, potential appraisal fees, and lender charges. A detailed breakdown of these costs will be provided by your lender.

    Veterans facing financial hardship or the threat of foreclosure should immediately reach out to their lender or a VA loan specialist to explore supportive measures like loan modifications or structured repayment plans to alleviate financial distress.