VA home loan borrowers can refinance to benefit from lower interest rates, adjust repayment terms, or access home equity. They need to find a private lender, choose the best loan type, gather documentation, and schedule closing. The two main options are the VA streamline refinance (IRRRL) for lower rates and the VA cash-out refinance for accessing home equity. Refinancing incurs costs, including the VA funding fee, which varies. Eligibility depends on the loan type and borrower qualifications.
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