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If you own a home in Silverdale, Bremerton, or Port Orchard and purchased using a VA loan, you have exclusive refinancing options that can save you money or put cash in your pocket. These include the VA IRRRL (Interest Rate Reduction Refinance Loan) and the VA Cash-Out Refinance.
Both programs are backed by the Department of Veterans Affairs and designed to give service members, veterans, and eligible spouses greater financial flexibility. At Clint Edwards Mortgage, powered by Sammamish Mortgage, we specialize in guiding Kitsap County veterans through these refinance opportunities.
Housing values across Kitsap County have risen steadily. The median home price in Silverdale is around $599,000, Port Orchard averages about $607,000, and Bremerton sits near $450,000. With higher equity and fluctuating interest rates, many local veterans are asking: “Is it time to refinance my VA loan?”
The VA IRRRL — also known as a streamline refinance — is a simplified refinance option available only to veterans who already have a VA loan.
Example: A Silverdale veteran with a $400,000 loan at 6.5% could refinance to 5.9%, reducing the monthly payment by ~$150.
The VA Cash-Out Refinance allows homeowners to tap into their equity while refinancing into a new VA loan.
Example: A Port Orchard homeowner with $300,000 in equity could cash out $75,000 for remodeling or debt payoff.
VA refinance rates are generally lower than conventional refinance rates, thanks to the VA guarantee.
Check today’s VA mortgage rates and compare options with Sammamish Mortgage.
| Feature | VA IRRRL (Streamline Refinance) | VA Cash-Out Refinance |
| Purpose | Lower interest rate or monthly payment | Access equity as cash OR refinance non-VA loan into VA loan |
| Eligibility | Must already have a VA loan | Can be VA loan or refinance into VA from another loan |
| Credit Score | Flexible (often 580+) | Generally 620+ |
| Appraisal Required? | ❌ Usually not required | ✅ Full appraisal required |
| Income Verification | ❌ Typically not required | ✅ Required |
| Funding Fee | 0.5% | 2.15% (first use), 3.3% (subsequent) – waived for exempt veterans |
| Closing Timeline | Fast: ~2–4 weeks | Longer: ~30–45 days |
| Best For | Veterans wanting a simpler, faster refinance to save money | Veterans needing cash for renovations, debt consolidation, or expenses |
The right choice depends on your goals:
Use our contact form to schedule a refinance consultation.
Not all lenders understand the nuances of VA refinancing. At Clint Edwards Mortgage, we:
Ready to refinance? Contact us today to unlock your VA refinance benefits.
What credit score is needed for a VA refinance?
Most lenders require 580–620+ for IRRRL and ~620+ for cash-out.
Can I take cash out with a VA IRRRL?
No, cash-out requires a separate VA Cash-Out Refinance.
How long does a VA IRRRL take in Silverdale?
Usually 2–4 weeks, much faster than conventional refinancing.
Do I need a new appraisal for a VA refinance?
IRRRL = usually no appraisal. Cash-Out = full appraisal required.
What is the VA funding fee for refinancing?
IRRRL = 0.5%. Cash-Out = 2.15% first use, 3.3% subsequent use. Disabled veterans may be exempt.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.