How Long Does It Take to Get a VA Cash Out Refinance Loan?
As a veteran, you have earned the opportunity to draw on the equity in your home as cash to achieve your personal and financial goals with the backing of these extra funds. With NewDay USA, you can take advantage of the benefits of a VA loan, but even better, you can enjoy streamlined application processes complete with in-house underwriting and convenient document submission designed to get you to the closing table as swiftly as possible.
How Long Should You Set Aside for Your VA Cash Out Loan to Be Processed?
At NewDay USA, we're proud to serve our veteran families throughout the VA loan application process from start to finish, all the way down to the closing table. The time it takes really can vary depending on your specific individual circumstances. Typically, we recommend that you set aside at least 30 days from the time your VA appraisal is completed for your loan application to be processed right down to the closing table. Keep in mind that it takes some time to even get to the VA appraisal stage. How long this is will depend on factors such as how long it takes us to receive all the requisite documents, among other things. So, the total loan application process may take considerably longer than 30 days and you should be prepared. It’s important to get started as early as you can so that you have time up your sleeves and will be able to approach the VA cash out loan application experience with a clear mind and without pressure. This is vital when making crucial life decisions that influence your financial well-being.
Why Choose NewDay USA?
NewDay USA has been committed to assisting veterans get the most out of their VA loan benefits through its VA mortgage products for over 20 years, proudly serving more than 100,000 veteran families across 43 states. Here are just a few reasons why NewDay USA is chosen by veterans.
Our Own Approval Decisions
At NewDay USA, we have automatic authority from the VA to make our own approval decisions. NewDay USA can say yes to a veteran when other lenders say no. We’ve already helped over a hundred thousand purchase or refinance their home.
VA Cash-Out Loan Process: A Quick Overview
Determine Eligibility
Before applying for a VA cash-out loan, check your eligibility. You must meet VA service requirements related to the length of your service and other criteria.
Apply for a Loan
Provide necessary documentation, which can include proof of income, employment history, and information about existing debts or liabilities. Your lender will review your credit history as part of the application process.
Get a VA Appraisal
A licensed appraiser will assess your home to determine its value. The appraisal report is used by the lender to determine the loan amount based on your home value.
With NewDay USA you won’t pay upfront out-of-pocket fees for a VA appraisal, termite inspection, or water test. Instead, you will be able to roll these costs into the total amount of your loan and pay them down gradually. Charges apply if the appraisal is transferred to another lender.
Close on the New Loan
Sign the paperwork and pay any closing costs associated with the new loan.
Receive Cash Proceeds
After closing, you'll receive cash proceeds to use for things like home improvements or debt consolidation. Remember that consolidating your debts can increase the total repayment time and finance cost over the life of the loan.
The NewDay Promise
At NewDay USA, we're proud to provide VA loan products to veterans because we believe in giving back to those who have served our country. We do this through our NewDay USA 100 VA Cash Out and Zero Down Purchase loan programs. To get started, contact us at 800-405-4187 or go to newdayusa.com. We are always happy to assist.
Joe Delgado – NMLS#2212043 NewDay USA – NMLS#1043