Pros and cons of the VA cash-out refinance loan

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Video Description:
We've been really hyping up the VA cash-out refinance all year, but at Low VA Rates, we're nothing if not honest. And the truth is that VA cash-outs are AMAZING loans. However . . . they might not be the right loan for every veteran in every situation, which is why we're going over both the pros and cons of getting one.
Starting with the pros, VA cash-outs allow you to pay off bad, high interest debt and replace it with good debt. And because you can borrow up to 100% of your home's equity, you can use that money however you want! For example, you could increase your home's value by paying for improvements or use it to pay for unexpected expenses.
Now, some of the cons you might want to consider before getting a VA cash-out are things like closing costs and the VA funding fee, increases to your rate and monthly mortgage payment, and the risk of default and foreclosure. While these are all important things to be aware of, they also have good that can offset them. To discover these silver linings, make sure you watch the video all the way through!
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator.