VA Cash Out Refinance Loan
Check your eligibility with one of nations leading VA cash out refi lenders!
Or give us a call (855)229-5217
Check your eligibility with one of nations leading VA cash out refi lenders!
Or give us a call (855)229-5217
Talk to one of our Veteran Lending Specialists about your current mortgage.
Discuss the options available to you to unlock the equity in your home.
Choose the option that best fits your current needs.
A VA “Cash-Out” refinance is an option for those with a VA loan looking to take advantage of their home’s equity to access cash for home improvements, emergencies, pay off debt, or any other purpose.
Competitive interest rates – VA loans are backed by the government and typically with lower rates than conventional loans
Streamlined process – VA cash-out process is designed to be efficient and straightforward for eligible borrowers.
Representative Available 24/7 to Better Serve Troops Overseas
Or call us at (855) 229-5217
Interested in more VA content, visit our Learning Center.
We have helped thousands of military families find their homes, including our own! We are a bank founded, owned, and operated by veterans who have been in your shoes and know your needs may be bigger than a home, which is why we provide an array of financial products for you that go beyond homeownership. Is your family growing? Are you on your 4th PCS? Moving out of the barracks for the first time? WE have you covered – get your VA loan! Learn about our Military Advisors.
The Federal Savings Bank offers VA loans to help active military, veterans, and their families achieve the dream of homeownership. As a veteran-owned business, we understand your unique needs, and are ready to help you get what you deserve.
A VA cash-out refinance allows eligible veterans, service members or qualifying spouses to replace their current mortgage (whether it’s a VA loan or not) with a new VA-backed loan. The new loan can be for more than what you owe, letting you take the difference as cash at closing. This option can also be used to refinance into better loan terms, such as switching from an adjustable-rate to a fixed-rate mortgage. The Federal Savings Bank offers this product with competitive rates and personalized support throughout the process.
To qualify, you need a valid Certificate of Eligibility (COE) and must meet military service requirements. Typically, you must have served 90 days during wartime, 181 days during peacetime or 6 years in the Reserves or National Guard. The home must be your primary residence. You’ll also need to meet standard credit, income and debt-to-income guidelines. Documents required include your COE, recent pay stubs, W-2s or tax returns, a home appraisal and mortgage statements. The Federal Savings Bank can help gather everything you need.
You may be eligible to access up to 100% of your home’s appraised value, depending on the lender and your financial profile. For instance, if your home is worth $300,000 and you owe $150,000, you could potentially access around $150,000 in cash minus any closing costs or fees. The Federal Savings Bank will work with you to calculate your maximum cash-out potential and help structure your loan accordingly.
The cash from a VA cash-out refinance can be used for virtually any purpose. Many borrowers choose to pay off high-interest debt, fund home improvements, cover education costs or pay for major expenses like medical bills. You’ll receive the money as a lump sum when the loan closes
Like most VA loans, there’s a one-time VA funding fee, which typically ranges from 2.15% to 3.3% depending on your usage and military history. This fee can be rolled into the loan. Closing costs such as appraisal fees, title charges and lender fees are also part of the transaction, generally totaling 2% to 5% of the loan amount. The Federal Savings Bank provides a transparent breakdown of all costs in your loan estimate, and in many cases, these costs can also be financed into the loan.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
