Print this page or keep it open while you talk with at least two lenders about VA loans. It goes with the 5 guides on VA Cash-Out Types. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “Type I: the new loan amount does not exceed the payoff of the current loan.” From VA Cash-Out Refinance: Type I and Type II
- “A refinance with no cash out still counts as a VA cash-out (Type I).” From Converting an FHA or Conventional Loan to VA
- “VA's cash-out refinance can pay off any type of existing mortgage, not only a VA loan.” From VA Cash-Out to Refinance a Non-VA Loan
- “VA permits a cash-out loan up to 100 percent of that value, plus the funding fee, though lenders may set lower limits.” From VA Cash-Out Proceeds: Where the Money Goes
- “Your lender will need a Certificate of Eligibility.” From A VA Cash-Out Refinance Document Checklist
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What mortgage insurance am I paying now? | Lender 1 answer | Lender 2 answer |
| Am I exempt from the funding fee? | Lender 1 answer | Lender 2 answer |
| How much entitlement do I have? | Lender 1 answer | Lender 2 answer |
| What will the appraisal show? | Lender 1 answer | Lender 2 answer |
| What is the break-even? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
VA loan questions
What the guides on this site say:
- “Used, for example, to move a conventional or FHA loan into a VA loan without taking cash.” From VA Cash-Out Refinance: Type I and Type II
- “VA requires lenders to show a net tangible benefit, provide comparison disclosures and meet seasoning requirements when refinancing existing VA loans.” From VA Cash-Out Refinance: Type I and Type II
- “Full credit and income underwriting and a VA appraisal.” From VA Cash-Out Refinance: Type I and Type II
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Will you request my Certificate of Eligibility, or should I? | Lender 1 answer | Lender 2 answer |
| Am I exempt from the VA funding fee, and where will the fee show on my Loan Estimate? | Lender 1 answer | Lender 2 answer |
| How does my remaining entitlement affect this loan? | Lender 1 answer | Lender 2 answer |
| What will the VA appraisal check, and what happens if it calls for repairs? | Lender 1 answer | Lender 2 answer |
Questions based on VA.gov: VA home loans.
Your Loan Estimate
What the guides on this site say:
- “Funding fee unless exempt, appraisal and closing costs.” From Converting an FHA or Conventional Loan to VA
- “For Type I cash-outs, VA requires that fees and closing costs be recouped within 36 months through lower monthly payments, and the lender must show a net tangible benefit.” From Converting an FHA or Conventional Loan to VA
- “Compare the funding fee and closing costs against the mortgage insurance you would stop paying and the remaining time it would have lasted.” From Converting an FHA or Conventional Loan to VA
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Loan features
What the guides on this site say:
- “Others want a fixed rate in place of an adjustable one, or need to pay off a second lien.” From VA Cash-Out to Refinance a Non-VA Loan
- “Prepaid interest and a new escrow deposit are usually funded at closing, while your old escrow balance is refunded later by the old servicer.” From VA Cash-Out Proceeds: Where the Money Goes
- “Your new loan will usually have its own escrow account for property taxes and homeowners insurance.” From VA Cash-Out Proceeds: Where the Money Goes
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Points and lender credits
What the guides on this site say:
- “You need a Certificate of Eligibility, must occupy the home, must meet lender credit and income standards, and need a VA appraisal establishing reasonable value.” From VA Cash-Out to Refinance a Non-VA Loan
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Before you choose
What the guides on this site say:
- “Compare the VA Loan Estimate with keeping your current loan, and with a conventional refinance if your equity is high enough to avoid PMI.” From VA Cash-Out to Refinance a Non-VA Loan
- “Service members, veterans, Guard and Reserve members and eligible surviving spouses have different evidence requirements, such as a DD214 or a statement of service.” From A VA Cash-Out Refinance Document Checklist
- “If you receive or are eligible for VA compensation for a service-connected disability, the funding fee may be waived.” From A VA Cash-Out Refinance Document Checklist
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- VA.gov: VA home loans
- CFPB: Loan Estimate explainer
- CFPB: What is a prepayment penalty?
- CFPB: Discount points and lender credits
- CFPB: What's a rate lock?
- NMLS Consumer Access