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Finance

How Do I Refinance a VA Loan?

Kristie Lorette
By Kristie Lorette
Updated May 17, 2024
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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.

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