Welcome to our detailed guide on the best VA loan refinance companies. If you’re a veteran or serving in the military, you may be eligible for a VA loan refinance. VA loan refinancing allows you to replace your current VA loan with a new one, with better terms and interest rates.
Refinancing your VA loan can help you lower your monthly mortgage payments, shorten your loan term, or cash-out on your home equity. There are many VA loan refinance companies out there, but not all are created equal. In this guide, we’ll provide an in-depth review of the top VA loan refinance companies.
Why Refinance Your VA Loan?
Refinancing your VA loan can help you reduce your monthly mortgage payments, which can free up cash for other expenses. Moreover, refinancing your VA loan can allow you to shorten your loan term, which means you’ll pay off your mortgage faster.
Additionally, you can also cash out on your home equity when refinancing your VA loan. This means you can take out a larger loan amount than your current mortgage, and receive the difference in cash. You can use this money for home improvements, education, or debt consolidation, among other things.
How to Refinance Your VA Loan
To refinance your VA loan, you’ll need to follow the following steps:
- Check your eligibility for VA loan refinance.
- Determine your home equity.
- Choose a VA loan refinance company.
- Submit your application and required documents.
- Get approved and close your new VA loan.
Best VA Loan Refinance Companies
Here are the top VA loan refinance companies:
Company Name |
Loan Types Offered |
Interest Rates |
Loan Terms |
Customer Satisfaction |
|---|---|---|---|---|
Veteran’s United Home Loans |
VA loans, VA refinance loans |
Starting at 2.25% |
10, 15, 20, 25, and 30 years |
4.9/5 |
Quicken Loans |
VA loans, VA refinance loans |
Starting at 2.25% |
8, 15, and 30 years |
4.8/5 |
Better.com |
VA loans, VA refinance loans |
Starting at 1.875% |
15 and 30 years |
4.5/5 |
Navy Federal Credit Union |
VA loans, VA refinance loans |
Starting at 2.25% |
10, 15, 20, 25, and 30 years |
4.6/5 |
loanDepot |
VA loans, VA refinance loans |
Starting at 2.25% |
10, 15, 20, 25, and 30 years |
4.5/5 |
1. Veteran’s United Home Loans
Veteran’s United Home Loans is one of the top VA loan refinance companies in the market. They offer a wide range of VA loan refinance options, including cash-out refinancing and streamline refinancing.
Their interest rates start at 2.25% and come with no down payment or private mortgage insurance (PMI) requirements. Additionally, they have excellent customer service ratings with a 4.9/5 rating on Trustpilot.
2. Quicken Loans
Quicken Loans is another top VA loan refinance company that offers excellent rates and terms for veterans and active military members. They offer both VA loan refinancing and cash-out refinancing options.
Their interest rates start at 2.25% and come with no down payment or PMI requirements. They also have a 4.8/5 rating on Trustpilot, making them a reliable choice for VA loan refinancing.
3. Better.com
Better.com is one of the fastest-growing VA loan refinance companies, offering some of the lowest interest rates in the market. They offer VA loan refinancing options with interest rates starting at 1.875%, and they don’t charge lender fees.
Better.com is known for its user-friendly digital platform, which allows veterans and military members to complete the loan application process online. They have a customer satisfaction rating of 4.5/5 on Trustpilot.
Navy Federal Credit Union is a well-established financial institution that offers VA loan refinance options to its members. They offer a full range of VA loan refinancing options, including cash-out refinancing and streamline refinancing.
Their interest rates start at 2.25%, and they offer flexible loan terms ranging from 10 to 30 years. Additionally, Navy Federal Credit Union has a 4.6/5 rating on Trustpilot.
5. loanDepot
loanDepot is a well-regarded VA loan refinance company that offers competitive interest rates and excellent customer service. They offer a variety of VA loan refinancing options, including cash-out refinancing and streamline refinancing.
Their interest rates start at 2.25%, and they offer loan terms ranging from 10 to 30 years. loanDepot has a 4.5/5 rating on Trustpilot.
Frequently Asked Questions
1. What is VA loan refinancing?
VA loan refinancing allows veterans and military members to replace their current VA loan with a new one, with better terms and interest rates.
2. Can I cash out on my home equity when refinancing my VA loan?
Yes, you can cash out on your home equity when refinancing your VA loan. This means you can take out a larger loan amount than your current mortgage and receive the difference in cash.
3. How much can I borrow when refinancing my VA loan?
The loan amount you can borrow when refinancing your VA loan varies depending on your home equity, credit score, and income.
4. What is the minimum credit score required to refinance a VA loan?
The minimum credit score required to refinance a VA loan varies depending on the lender. However, most VA loan refinance companies require a credit score of at least 620.
5. How long does it take to refinance a VA loan?
The time it takes to refinance a VA loan varies depending on the lender and the complexity of your application. Typically, it takes 30 to 45 days to complete a VA loan refinance.
6. Do I need to pay closing costs when refinancing my VA loan?
Yes, you need to pay closing costs when refinancing your VA loan. However, some lenders may offer no-cost refinancing options, where they pay the closing costs on your behalf.
7. Can I refinance my VA loan multiple times?
Yes, you can refinance your VA loan multiple times. However, you need to wait at least 6 months between refinances and meet the lender’s eligibility requirements.
Conclusion
Refinancing your VA loan can help you save money, shorten your loan term, or cash out on your home equity. The top VA loan refinance companies listed above offer competitive interest rates, flexible loan terms, and excellent customer service.
It’s important to shop around and compare offers from different lenders to find the right VA loan refinance for your needs. We hope this guide has helped you make an informed decision about the best VA loan refinance company for you.
Disclaimer
The information provided in this article is intended for informational purposes only and should not be construed as legal, financial, or investment advice. Please consult with a professional before making any decisions related to VA loan refinancing.