VA Loan Refinance: IRRRL and Cash-Out

IRRRL (streamline): no appraisal, no income verification, existing VA loan to new VA loan. Just need net tangible benefit (lower rate). Fee: 0.5%.

Cash-Out: tap home equity, full underwriting required, can convert non-VA to VA loan. Fee: 2.15%/3.3% (exempt at 10%+ disability).

Rule of thumb: refinance if you'll stay 2+ years and rates dropped 0.5%+ below current rate.