Veterans have the chance to refinance their existing Veterans Administration mortgage with no cash required at closing with the VA streamline refinance program. This may make many other conventional borrowers jealous, the VA streamline refinance program is not a VA cash out refinance but veterans need no cash at closing.

Coming up with cash for closing costs is difficult in the best of times. Anyone who choses a VA cash out refinance usually does so because they are short of cash. Veterans who have their primary home financed with a VA mortgage are eligible for a VA streamline refinance with no cash needed for the closing costs and fees. This is a great advantage over conventional refinancing options, closing costs and fees can run into the thousands of dollars.

Lower interest rates make this year a great time for a VA streamline refinance. Monthly payments can be significantly reduced, plus available cash can be used to pay down high interest credit card debt, saving a person even more. There is no restrictions on what the extra cash can be used for, however. Veterans can use the extra cash for home improvements, increasing the home’s value or simply buy a new car. Most people have no trouble spending cash, plus extra cash each month.