No you can’t get an equity loan but what is available from your veterans mortgage in the way of VA home refinancing is even better. Technically its called a cash out refinance mortgage loan. This program is similar to the popular VA streamline refinance mortgage but due to the cash returned to you at closing, needs an appraisal before a loan application can be made. This VA home refinance tool allows you to back up your current veterans mortgage to 100% of the homes current assessed value.

The difference between the current assessed value and the current payoff act just like equity in a conventional non-VA mortgage. You get cash back, for home improvement, kids tuition or other investments. Some expenses even qualify your new interest payments as a tax deduction for even more spare change in your families pockets.

So you lower your monthly veterans mortgage payment, get cash back and a possible tax deduction. Call it what you like it works out just like the cash out equity plan for a conventional mortgage. What the basic qualifier for this deal. If you have made 11 of the last 12 monthly mortgage payments on time, you’re there. And if the paperwork jungle for getting this done bothers you then there are people like the VA Loan Network that can make it a smooth experience.

And if you don’t need the cash infusion and would benefit by simply lowering your monthly veterans mortgage payment, then look into the VA streamline refinance mortgage. You get a lower finance rate and subsequent lower monthly payment, plus a couple of month breathing room with no payments until the new mortgage kicks in. Leaving the equity in your home could mean a cheaper and sooner pay-off and depending on your financial situation, could be an even better deal.