IRRRL, VA cash-out or leaving VA: choosing your refinance path
Three ways to refinance a VA home
At the fork
A VA homeowner usually stands at a three-way fork. An IRRRL refinances a VA loan into a new VA loan to lower or stabilize the rate, with no cash out. A VA cash-out refinance can take equity out or bring a non-VA loan into the VA program, with an appraisal and full underwriting. A refinance out of VA ends the VA loan, which can matter for your entitlement. The right path depends on your goal.
Last reviewed against the primary sources listed below.
ToolPath finderThree questions, one path.CompareThe three pathsSide by side.Path 1IRRRL at a glanceRate only.Path 2VA cash-outTwo kinds.Path 3Leaving VAWhat changes.EffectEntitlementWhat each path does to it.DecideDecision worksheetQuestions before you pick.New guideTimingSignals that a refinance may be worth looking at, and limits on how so.New guideFormer homeHow occupancy rules affect refinancing a home you no longer live in.GlossaryKey termsPlain definitions with sources.GuideSecond mortgagesHow a second lien affects VA refinance options.GuideAfter a ratingWhy a recent disability rating can change refinance costs.PrintableLender questionsQuestions to bring to any lender, ready to print.
Independent, not official
This is not a government website. Start with VA's pages on the IRRRL and cash-out refinance.