The Veterans Administration has several VA loan refinance programs to help veterans. One type of VA refinance mortgage loan is the VA cash out loan. This VA loan refinance allows veterans an opportunity to cash-out on the equity that their home has accumulated. Veterans are able to receive cash out of the equity to do use however they wish. Veteran homeowners are allowed to take out 90% of their current appraised value of their home in cash.

If this type of VA refinance mortgage loan is not what you are looking for, the VA streamline refinance loan may be appropriate. The VA streamline refinance rates are low enough to make switching from an adjustable rate VA mortgage to a fixed rate VA mortgage. Low VA streamline refinance rates can also lower a VA fixed rate mortgage’s monthly payment enough to allow a veteran extra cash each month. There is no cash out on streamlined refinancing, but two payments can be skipped. This is almost as good as cash out if you have high monthly payments on a large mortgage.

VA approved lenders can help you decide what type of VA refinance mortgage loan you qualify for. Whether you need cash out or lower monthly payments, the VA has a VA loan refinance program that can help.