Unlocking the Benefits of VA Cash-Out Refinance: Your Comprehensive Guide
Hello! My name is Craig Burris, Senior Assistant Vice President of Sales at NewDay USA. In this comprehensive guide, we'll discuss the requirements for a VA cash-out refinance and how NewDay USA stands out from other lenders in helping veterans unlock the full potential of their VA benefits.
Who is Eligible for a VA Cash-Out Refinance?
In general, any active duty service member, retired veteran, or spouse of a deceased veteran is capable of using their VA benefit to apply for a VA cash-out refinance so long as they meet minimum service duration, occupancy, property type, and other requirements. Each lender has their own specific requirements in terms of credit and income though.
That means just because one lender doesn’t approve your application, it doesn’t mean that all of them will knock you back. NewDay USA has automatic authority from the VA to make our own approval decisions. We can say yes to a veteran when other lenders say no.
How Does the NewDayVA Cash Out Refinance Work?
NewDay USA customers are accessing $70,000 in cashout on average through the NewDay USA 100 VA Cash Out Loan. By using the equity that you've earned in your home, just a few of the things a VA cash out refinance allows you to do include:
- Put cash in the bank
- Bolster college funds for family
- Make improvements to your home
Our veterans are saving hundreds of dollars a month on their monthly expenses ($459 on average) thanks to NewDay USA 100 VA Cash Out Loans. They’re achieving this by consolidating and paying down high-interest debts like credit card and auto loan debts. Just keep in mind though that while consolidating your high-interest loans like this can reduce your monthly payment it can also increase the total repayment time and finance cost of your loan. Speak to an accredited financial advisor to see if it might be the right option for you before committing to anything.
No Money Upfront for VA Appraisal, Termite Inspection, and Water Test
Usually, refinancing your home comes with a lot of out-of-pocket up-front costs. However, at NewDay USA, you pay no money upfront for your:
- VA appraisal
- Termite inspection
- Water test
Instead, you can incorporate these costs into your total loan amount and pay them down over time.
As per the VA Appraisal Fee Schedules, the cost of a single-family home VA appraisal can range from $525-$1300 depending on the state and county that the property is located in. According to NewDay USA data for loans funded by us in 2022 that required a termite inspection or water tests, the average cost of these was $121.60 and $146.85 respectively. Charges apply if appraisal is transferred to another lender.
Get Started with NewDay USA
NewDay USA is here to help you make the most of your VA benefits. Visit our website at newdayusa.com or call us today at 888-985-1489 and speak with one of our veteran loan specialists. Let us assist you in securing the VA cash-out refinance you deserve and make your financial dreams a reality.
Craig Burris-NMLS#1893687 - NewDay USA-NMLS#1043