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 Calculator. 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.
- “VA allows a cash-out refinance up to a maximum loan-to-value based on the VA appraisal, and lenders may set a lower limit.” From VA Cash-Out Refinance Calculator
- “If you have a VA loan with favorable terms, an IRRRL or a second lien may cost less.” From Is a VA Cash-Out Right for You?
- “A Type I cash-out refinance has a new loan amount, including the funding fee, that does not exceed the payoff of the loan being refinanced.” From Type I vs. Type II VA Cash-Out Refinances
- “When refinancing a VA loan, the loan being refinanced must have six consecutive monthly payments made and 210 days since the first payment due date.” From VA Cash-Out Seasoning and Recoupment Rules
- “VA assigns an appraiser who determines the reasonable value and checks the home against VA minimum property requirements.” From Reading Your VA Cash-Out Estimate: Fees, Value and Payoff
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Am I exempt from the funding fee? | Lender 1 answer | Lender 2 answer |
| Would an IRRRL or HELOC serve my goal better? | Lender 1 answer | Lender 2 answer |
| How much entitlement do I have? | Lender 1 answer | Lender 2 answer |
| What will the cash be used for? | Lender 1 answer | Lender 2 answer |
| How long will I stay in the home? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
VA loan questions
What the guides on this site say:
- “Unless you are exempt (for example, if you receive VA disability compensation), a funding fee applies.” From VA Cash-Out Refinance Calculator
- “Check your Certificate of Eligibility for exemption status and the current fee chart on VA.gov.” From VA Cash-Out Refinance Calculator
- “Net tangible benefit and seasoning rules if your current loan is VA.” From VA Cash-Out Refinance Calculator
| 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:
- “Enter the limit your lender quotes, your estimated value, payoff and closing costs.” From VA Cash-Out Refinance Calculator
- “Enter your value and payoff to estimate proceeds, then confirm with a Loan Estimate.” From Type I vs. Type II VA Cash-Out Refinances
- “Ask your lender to show how each structure would look, including the funding fee and closing costs, so you can decide what best fits your goal.” From Type I vs. Type II VA Cash-Out Refinances
| 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:
- “VA requires the refinance to provide a net tangible benefit, such as eliminating mortgage insurance or moving to a fixed rate.” From Type I vs. Type II VA Cash-Out Refinances
| 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?.
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?.
Points and lender credits
| 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.
Before you choose
What the guides on this site say:
- “Compare total cost over the time you expect to keep the loan.” From VA Cash-Out Refinance Calculator
- “Veterans receiving VA compensation for a service-connected disability, surviving spouses receiving Dependency and Indemnity Compensation, and certain active-duty Purple Heart recipients are exempt from the funding fee.” From VA Cash-Out Seasoning and Recoupment Rules
- “Borrowers receiving VA compensation for a service-connected disability and certain others are exempt.” From Reading Your VA Cash-Out Estimate: Fees, Value and Payoff
| 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: What's a rate lock?
- CFPB: Discount points and lender credits
- NMLS Consumer Access