Ditching PMI: How Refinancing Can Save Broward Homeowners Money Each Month
Broward homeowners: Ditch PMI and save hundreds monthly by refinancing. Learn how Rate Leaf helps you remove PMI and lower your mortgage pay
6 Min
For many veterans in Miami-Dade, owning a home is a well-earned reward for years of service. But even after securing a VA loan to purchase a home, your financial journey doesn’t stop there. If you’re looking to lower your interest rate or tap into your home’s equity, refinancing your VA loan could be the most attractive option due to its financial advantages and flexibility.
From streamlined IRRRLs to cash-out refinancing, VA homeowners have powerful tools at their disposal — and at Rate Leaf, we help you make the most of them.
The VA home loan program offers a range of benefits to eligible veterans, including the option to refinance their existing VA loan. VA loan refinancing can help homeowners take advantage of lower interest rates, reduce their monthly mortgage payment, and tap into their home’s equity. The Department of Veterans Affairs (VA) guarantees a portion of the loan, enabling lenders to provide more favorable terms. With a VA refinance loan, borrowers can choose from different programs, including the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash-Out Refinance.
VA loan refinancing allows eligible veterans, active-duty service members, and surviving spouses to replace their existing mortgage with a new VA-backed loan. The two main types are:
Each serves a different purpose, and the best option depends on your goals. It is important to consult with a loan officer to understand specific requirements and options.
👉 Not sure which option is right for you? Start here.
You may be eligible for a VA refinance if you:
Eligibility often stems from military service, which provides access to these beneficial loan products.
If you originally purchased with an FHA or conventional loan, you may still qualify for a VA cash-out refinance to switch over to a VA-backed loan and eliminate PMI.
VA refinancing offers several benefits to eligible homeowners. One of the primary advantages is the potential to lower their monthly mortgage payment by securing a lower interest rate. Additionally, VA loans do not require private mortgage insurance (PMI), which can save borrowers hundreds of dollars per year. The VA funding fee is also relatively low, ranging from 0.5% to 3.3% of the loan amount. Furthermore, VA refinance loans often have more lenient credit requirements compared to conventional loans, making it easier for borrowers with less-than-perfect credit to qualify. With a VA refinance loan, borrowers can also tap into their home’s equity to pay for home improvements, debt consolidation, or other expenses.
The refinance process for a VA loan is relatively straightforward. To begin, borrowers should contact a mortgage company or lender that specializes in VA loans. The lender will guide the borrower through the application process, which typically involves providing financial documentation, such as income verification and credit reports. The lender will also require a certificate of eligibility, which confirms the borrower’s VA eligibility. Once the application is approved, the borrower can choose from different refinance options, including the IRRRL and Cash-Out Refinance. The IRRRL is a streamlined process that allows borrowers to refinance their existing VA loan to a lower interest rate, while the Cash-Out Refinance enables borrowers to tap into their home’s equity.
The Interest Rate Reduction Refinance Loan (IRRRL) is one of the most veteran-friendly options available today. It’s streamlined, requires no income verification or appraisal in most cases, and can be completed quickly.
If you’re in Miami-Dade and your current VA mortgage rate is higher than what’s available today, an IRRRL might help you:
Additionally, VA loans do not impose prepayment penalties, allowing borrowers to pay off their mortgage early without additional costs.
This option is ideal if you don’t need to cash out and just want to improve your loan terms.
A VA cash-out refinance allows you to replace your current mortgage (VA or non-VA) with a new loan and take out cash based on the home's equity you’ve built, providing financial benefits through accessing up to 100% of your home's equity.
This is especially useful for:
In areas like Miami, Hialeah, and Homestead, home values have risen significantly in recent years. That means many veterans are sitting on untapped equity that can be put to work.
👉 Want to know how much equity you have? Get prequalified in minutes.
Want to explore how VA cash-out compares to HELOCs and other equity strategies?👉 Check out this guide for Florida homeowners on cash-out refis vs. HELOCs.
Unlike conventional refinancing, VA refis come with major benefits:
If you’re currently paying PMI on a conventional or FHA loan, refinancing into a VA loan can eliminate that expense, potentially saving you hundreds per month.
Want to understand the differences between all loan types? 👉 Read our guide to mortgage loan options here.
Learn more about switching loan types on our Loan Programs page.
The Department of Veterans Affairs (VA) plays a crucial role in the VA loan refinance process. The VA guarantees a portion of the loan, which reduces the risk for lenders and enables them to offer more favorable terms. To be eligible for a VA refinance loan, borrowers must meet the VA’s eligibility requirements, which include having a valid certificate of eligibility and meeting the minimum service requirements. The VA also sets the guidelines for the refinance process, including the maximum loan-to-value ratio and the funding fee. Borrowers can contact the VA directly to learn more about the refinance process and to determine their eligibility. Additionally, the VA offers resources and support to help borrowers navigate the refinance process and make informed decisions about their mortgage options.
One of our recent Rate Leaf clients, a Navy veteran living in Doral, refinanced his 2020 VA loan from 5.75% down to 4.125% using an IRRRL. The process took less than 30 days and reduced his monthly payment by nearly $300, without needing an appraisal or income docs.
Every veteran’s story is different, and we’re here to find the right refinance path for yours.
Yes — through a VA cash-out refinance. You can replace a conventional or FHA mortgage with a VA-backed loan if you’re eligible and meet the VA’s requirements. VA cash-out refinance can also replace conventional or FHA purchase loans with a VA-backed loan.
Not for IRRRLs. However, for VA cash-out refinances, an appraisal is typically required to determine your home’s value and equity.
You may be able to borrow up to 90% of your home’s value (or more, depending on the lender and current guidelines). We’ll help calculate your specific eligibility. Accessing home equity can provide financial stability throughout the life of the loan.
Yes, as long as each refinance provides a tangible benefit (like a lower rate, shorter term, or cash-out for equity). Many veterans refinance multiple times to optimize savings. Additionally, VA loans allow borrowers to pay off their mortgage early without penalties, making them a flexible option for those looking to save on interest payments.
IRRRLs can close in as little as 2–3 weeks, while cash-out refinances typically take 30–45 days, depending on appraisal and documentation.
Working with an experienced loan officer can help expedite the refinance process.
If you’re a veteran homeowner in Miami-Dade, refinancing your VA loan could be a powerful way to improve your financial future, whether you’re looking to save money each month or unlock the value in your home.
At Rate Leaf, we specialize in guiding veterans through their refinance options with clarity, speed, and care, ensuring an amazing experience with positive outcomes. Let’s explore how an IRRRL or VA cash-out refinance could work for you.
👉 Start your prequalification today.
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