VA Cash Out Jumbo Loans
What are VA Cash Out Jumbo Loans?
Let’s start with a definition: A Cash-Out Jumbo loan is a refinance where you take equity out of your Jumbo Mortgage in the form of cash. In other words, you refinance and get cash back by reducing the amount of equity you have in your home. You can use the cash you take out for any purpose, such as debt consolidation, home improvements and repairs, or investments. Although Cash Out loans add to the amount you owe on your mortgage, a Cash-Out Refinance is a good way to get long-term financing at a low interest rate.
While the Department of Veteran Affairs does not originate VA Cash-Out Jumbo loans, they do guaranty them. This allows groups like our VA Jumbo Loans Experts to more readily offer them to servicemembers.
Benefits of the VA Cash-Out Jumbo Loan
A benefit of a VA Jumbo Loan is the complete flexibility in spending the cash you receive. A VA Jumbo Loan can help servicemembers to:
- Finance home repairs or improvements
- Consolidate & pay off high-interest debt
- Fund higher education opportunities
- Convert Non-VA Loans to lower rate options
- Pay down second or investment properties
Qualifications for VA Cash-Out Jumbo Loan Borrowers
While some might think that VA Cash-Out Jumbo Loans are only available to servicemembers with existing VA loans, this is not the case. In fact, anyone who meets the qualifications listed below can refinance using a VA Cash-Out Jumbo Loan regardless of their current loan type (FHA, Conventional, USDA, etc.)
- Active Duty Servicemembers
- Unmarried Surviving Spouses
- Current Reserves and Members of the National Guard (Typically requires 6-years of service)
- Any honorably-discharged Veterans, including Veterans of the Reserve and National Guard
- Any Veteran that has not been dishonorably-discharged
Should You Refinance with Your Original Lender?
Another common misconception when refinancing is that the process is easier or more beneficial when you return to your primary lender. This is not the case. Every refinance requires lenders to undergo the same process and our VA Jumbo Loan experts work hard to make sure we offer the most competitive rates. This is why 70% of our business comes from client referrals. Before refinancing with your current lender, contact us to see if we can provide you with lower rates and a better package for your needs.
To get a quote for a VA Cash-Out Jumbo loan or cash out conventional loan, either fixed or an adjustable-rate-mortgage (ARM), please click “Get Started” or call us at 877-416-3471. We would love the opportunity to help you save money and choose the best option for you.