We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

How Do I Refinance a VA Loan?

Kristie Lorette
By
Updated: May 17, 2024
Views: 4,748
References
Share

A VA loan is a home mortgage that is available to active duty or retired military personnel that meet specific requirements. When you have a VA loan, it is possible to refinance a VA loan into a new VA mortgage or into a traditional mortgage. The process is similar to any type of mortgage refinance.

Start the process of refinancing your VA loan by contacting your current mortgage lender. Let them know that you are interested in refinancing the loan. Gather information such as the current market interest rate, the mortgage options available, such as another VA loan and standard mortgages. You should also get an estimate of closing costs if applicable.

You should also contact two or three additional lenders. If you are refinancing into another VA loan, then you need to contact mortgage lenders that offer VA loans. If you want to refinance a VA loan into a standard mortgage, then you can contact lenders even if they do not offer VA loans. Gather rate and cost information from each of these lenders as well.

Once you identify the lender that you want to refinance a VA loan with, then submit a mortgage application. Along with the application, mortgage lenders tend to require copies of the last two years tax returns, copies of recent bank statements and paycheck stubs. If you are applying for a refinance of a VA loan, then you will also be required to submit a copy of your certificate of eligibility for a VA loan.

Upon receiving the refinance mortgage approval, the lender will order an appraisal to be done on your home. If you are refinancing into another VA mortgage, then the appraiser has to be one of the VA approved appraisers. Typically, the lender handles ordering the appraisal for you. While you do not have to order the appraisal yourself, you should be aware that an appraisal needs to be done and you typically have to provide the appraiser with access to the home.

When the appraisal is complete, the new lender will schedule a closing date and time for the new loan. You and any other owners of the home will need to attend the closing. At the closing table, you will sign the promissory note and paperwork involved in setting up the new mortgage and paying off the old mortgage. Once you refinance a VA loan, you will start making your mortgage payments to the new lender.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Link to Sources
Kristie Lorette
By Kristie Lorette
Kristie Lorette, a storyteller, copywriter, and content creator, helps businesses connect with their ideal audiences through compelling narratives. With an advanced degree and extensive experience, she crafts engaging long and short-form content that drives results across various platforms. Her ability to understand and connect with target audiences makes her a valuable asset to any content creation team.

Editors' Picks

Discussion Comments
Kristie Lorette
Kristie Lorette
Kristie Lorette, a storyteller, copywriter, and content creator, helps businesses connect with their ideal audiences through compelling narratives. With an advanced degree and extensive experience, she crafts engaging long and short-form content that drives results across various platforms. Her ability to understand and connect with target audiences makes her a valuable asset to any content creation team.
Share
https://www.wisegeek.net/how-do-i-refinance-a-va-loan.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.