A VA-backed cash-out refinance loan lets you replace your current loan with a new one under different terms. If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a VA-backed cash-out refinance loan may be right for you. Find out if you’re eligible—and how to apply for your Certificate of Eligibility.


How It Works


During a cash-out refinance, you pay off your first mortgage, get a new one for a larger amount and gain the difference as cash. How much cash back you can get varies by lender. You can use the money for anything you want. You also may be able to lower your interest rate and monthly payment, and change the length of your mortgage at the same time. Because you’re getting a new mortgage, the process is similar to getting a VA loan to buy a house.

Here’s an overview of what you’ll do:

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