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Best VA Refinance Lenders of November 2021
Lower your monthly mortgage payments
Refinancing your mortgage loan with an IRRRL can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best VA refinance rates for you.
Best VA Refinance Lenders of November 2021
Refinancing your mortgage loan with an IRRRL can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best VA refinance rates for you.
Best VA Refinance Lenders of November 2021
How We Score
We show product scores to help you choose the right mortgage for you. Here’s how they’re calculated
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
TrustPilot Score
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
User Engagement Score
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated based on the number of clicks a brand’s chart listing has received in the past 7 days. The greater the proportion of clicks a specific brand receives relative to the other brands listed on the chart, the higher their user engagement score.
The User Engagement score is calculated separately based on the user’s device (mobile engagement is scored independently of desktop engagement, for example), and also by the specific type of mortgage loan they are comparing.
The brand’s chart position is influenced by the compensation we receive from such brand. In some cases, this may also impact a brand’s User Engagement score.
Our Score
9.7
Outstanding
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 10,035 Reviews
4.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.5
Very Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 3,606 Reviews
3.7
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.8
Very Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 18,844 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
7.2
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 40 Reviews
3.9
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
8.8
Very Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 7,990 Reviews
4.9
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
Type of lender
Direct lenders provide loans to borrowers. Marketplaces help borrowers compare direct lenders.
Direct
Direct
Direct
Direct
Direct
Bottom line
Digital lender, strong reputation
Very fast closing times
America's largest mortgage lender
Fast-growing independent mortgage lender
America`s largest VA Loan lender
Top feature
Range of closing cost options
Instantly uploads your financial information
Custom loans to suit your goals
Customizable interest rate and terms
Free tools to improve your credit
Key figures
Repayment terms
Number of years to pay off loan
10-30 years
10-30 years
15, 25, 30
15-30 years
15, 30
ARM terms
ARMs have fixed rates for the first 3-10 years, after which they are adjusted annually until loan is paid
5/1, 7/1, 10/1
3/1, 5/1, 7/1, 10/1
5/1
5/1
5/1
Credit Score
Minimum credit score required
580+
620+
620+
620+
620+
Loan Types
VA Purchase Loan
VA Jumbo Loan
VA IRRRL Refinance
VA Cash-Out Refinance
Operations
More Info
Bottom Line
Digital lender, strong reputation
Very fast closing times
America's largest mortgage lender
Fast-growing independent mortgage lender
America`s largest VA Loan lender
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 10,035 Reviews
4.3
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
1
Low Rates
  • Get pre-qualified in 3 minutes
  • View rates without hard credit Pull
  • Digital lender with strong reputation
9.7
Outstanding
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 3,606 Reviews
3.7
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
2
  • Closure in as little as 8 days
  • Skips paperwork and appraisal
8.5
Very Good
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 18,844 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
3
  • America’s largest mortgage lender
  • Award-winning customer service
  • Real-time updates on loan progress
  • Custom loans to suit your goals
  • Fast online application process
8.8
Very Good
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 40 Reviews
3.9
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
4
  • Independent mortgage lender
  • Customizable loan options
  • Flexible repayment terms
7.2
Fair
View Rates
Read Review
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 7,990 Reviews
4.9
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
5
  • Top-rated VA refinance lender
  • Free expert advice from Veterans
  • Loan agents operate 24/7
8.8
Very Good
View Rates
Read Review
Introduction to VA Refinance
VA loans are provided by private lenders to service members, veterans, and surviving spouses who meet Department of Veterans Affairs (VA) qualifying requirements. The VA guarantees a portion of these loans, enabling lenders to offer favorable terms to borrowers. VA loan benefits include competitive interest rates, a streamlined application process, and not having to pay expensive monthly mortgage insurance.
VA refinance loans take place under the auspices of the VA loan program. These are broken down into two different products: VA interest rate reduction refinance (IRRRL) loans and VA-backed cash-out refinance loans.
VA Refinance Loan Types
VA interest rate reduction refinance loan (IRRRL)
If you have an existing VA loan and you want to lower your interest rate or move from an adjustable interest rate to a fixed rate, then a VA IRRRL may be the right option for you.
You may be eligible for an IRRRL if you:
  • Already have a VA loan; and
  • Are using the IRRRL to refinance your existing VA loan; and
  • Meet the VA’s–and your lender’s–credit and income requirements; and
  • Currently live in or used to live in the home covered by the loan.
VA-backed cash-out refinance loan
If you want to take cash out of your home equity or want to refinance a non-VA loan into a VA-backed loan, then a VA-backed cash-out refinance may be the right option for you.
The “cash-out” part is applied when the new mortgage is greater in value than what you owe on the old loan, allowing you to cash out the difference. A VA-backed cash-out refinance can be used for paying off debt, paying tuition fees, making home improvements, or any other purpose.
You may be eligible for a VA-backed cash-out refinance loan if you:
  • Qualify for a VA-backed Certificate of Eligibility; and
  • Meet the VA’s–and your lender’s–credit and income requirements; and
  • Will live in the home you’re refinancing with the loan.
How to Get a VA Refinancing Loan
It takes four steps to get a VA refinance loan (or three if you’re applying for a VA IRRRL or you’re applying for a VA cash-out refinance and already have a Certificate of Eligibility).
1. Find a lender
VA refinancing loans are offered by private mortgage lenders such as banks, credit unions, and independent lenders. Interest rates, repayment terms, and lender fees can vary, so always compare multiple lenders before applying for pre-approval.
2. Apply for Certificate of Eligibility (COE)
If you’re applying for a VA-backed cash-out refinance loan and have never previously had a VA loan, then you’ll need to obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs. If you already have a VA loan but can’t find your original COE, you can ask your lender to download it through the VA Home Loan program portal. A COE can be obtained from the VA e-Benefits website, by mail, or by filling out VA Form 26-1880. Some lenders offer free assistance with obtaining a COE.
You must meet one of the following conditions to obtain a COE:
  • Veteran who has served at least 90 consecutive days of active service in wartime or 181 days of active service in peacetime;
  • Member of the National Guard and Reserve who has served at least 6 years; or
  • Spouse of a veteran who died in the line of duty or as a consequence of a service-related injury.
3. Apply to your lender
In addition to your COE, you’ll need to give your lender any information they require in order to process your refinance application and ensure you meet their income and credit requirements. The minimum credit score for a VA refinance is usually 620, although some lenders have stricter credit requirements. The maximum loan-to-value ratio (your new loan amount divided by the value of your home) is 110% for a VA IRRRL and 100% for a VA-backed cash-out refinance; again, some lenders may have different conditions.
Your lender may require you to provide:
  • Social security number and other forms of identification (in order to for the lender to run a hard credit query)
  • Copies of paycheck stubs for the most recent 30-day period
  • W-2 forms for the previous two years
  • Copy of your federal income tax returns for the previous two years
  • Any other information your lender requires
Our Top Mortgage Lenders
#1
View Rates
Pros
  • Offers Fannie Mae 3% down conventional loans
  • Loan experts are on hand to assist at any time
  • Full suite of non-conventional loans
Cons
  • Rates not advertised publicly
  • No weekend phone hours
  • Not licensed in NY
AmeriSave Mortgage Corporation is a direct mortgage lender operating in 49 states and DC. Since 2002, it has financed more than $220,000 homes to the tune of $52 billion in funding. It is known for its competitive rates and streamlined application, with approvals in as quickly as 25 days. It offers a wide range of loans, making it a good choice for anyone looking to purchase a home or refinance their mortgage.
#2
View Rates
Pros
  • Mortgages close 17 days quicker than average
  • 100% digital application, with no paperwork
  • In some cases, you may be allowed to skip appraisal
Cons
  • Contact details required to get rates
  • Not necessarily the lowest rates
It’s easy to see why loanDepot is one of the largest non-bank lenders in the United States. It gives homebuyers what they want – a speedy, reliable, and transparent mortgage application. No one wants to wait for loan approval for more than a month. With loanDepot, the application process is quick and painless, and you could close 17 days faster than with other lenders.
#3
View Rates
Pros
  • 100% online application (in most cases)
  • Quick pre-approval and closing times
  • Flexible repayment terms (8-29 years)
Cons
  • No branches
  • Lack of support for self-employed borrowers
  • Your data may be shared across Quicken partners
If you’re looking for an easy and comfortable loan, QuickLoans can help. Not only do QuickenLoans help ensure you get a mortgage that’s right for you to save time, but the platform ensures you are aware of your loans status 24/7 so you can keep track of what is required of you and what has already been done to avoid repeating steps that have already been completed, saving you time and confusion.
4. Close the refinancing loan and pay the VA funding fee
Most lenders take around 30-45 days to close a VA refinance (or any other loan or refinance, for that matter). You will need to pay a VA funding fee in addition to any other closing fees charged by your lender. This fee enables the federal government to take on the risk of allowing up to 110% CLTV for a VA refinance (or zero down payment for a VA purchase loan) and no monthly mortgage insurance. You can pay the VA funding at closing or include it in your loan and pay it off over time.
Funding fees for VA refinancing loans are as follows:
  • VA IRRRL – 0.5% of the loan amount
  • VA-backed cash-out refinancing loans – 2.3% for first use, 3.6% for second use or after
You won’t have to pay a VA funding fee if you are:
  • Receiving VA compensation for a service-connected disability; or
  • Eligible to receive VA compensation for a service-connected disability, but you’re receiving retirement or active-duty pay instead; or
  • The surviving spouse of a Veteran who died in service or from a service-connected disability, or who was totally disabled, and you're receiving Dependency and Indemnity Compensation;
or
  • A service member with a proposed or memorandum rating, before the loan closing date, saying you're eligible to get compensation because of a pre-discharge claim; or
  • A service member on active duty who before or on the loan closing date provides evidence of having received the Purple Heart.
Comparing VA Refinance Loans
VA refinance loans are backed by the federal government’s Department of Veterans Affairs but provided by private lenders. Here are the top five things to look for when comparing VA refinance loan providers.
APR. The monthly payments on a mortgage comprise principal, as in the amount remaining on your loan, and interest, as in the money the lender collects for providing the loan. Your APR, or annual percentage rate, consists of the interest rate plus other lender fees. The lower the interest rate / APR, the lower your monthly payments to the lender.
Terms. Like other mortgages, the typical VA refinance loan has a 15-30-year repayment term. There is no right or wrong when it comes to repayment terms; what’s best for you depends largely on how much you can afford to pay each month. The shorter the term, the higher your monthly payments but the less you’ll pay in interest over the life of the loan. The longer the term, the lower your monthly payments but the more you’ll pay your lender in the long run.
Closing costs. Closing costs are the fees and charges owed to the lender when the loan begins and usually range from 3-5% of the loan value. Closing costs for a VA refinance may include origination fees, property appraisal, title fees and insurance, state and local taxes, and various other costs – some of which go directly to the lender and some which the lender collects on behalf of third parties. The VA funding fee is a separate fee and isn’t impacted by the lender you choose.
Expertise in VA loans. There are thousands of VA-authorized lenders but only a few-dozen issuing high enough volumes of VA loans to be able to call themselves experts. If a lender displays VA loans prominently on their website, has lots of positive online reviews from veterans, and offers help with obtaining a Certificate of Eligibility, these are all good indications of their expertise.
24-hour service. The best VA-authorized lenders show their commitment to service members and veterans through exceptional customer service. Some lenders even offer a 24-hour line with a toll-free international number, specifically to give service members deployed overseas a convenient way of applying for or enquiring about VA loans.
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