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Cash Out Refinance

A cash out refinance remains the primary reason people refinance. Property has appreciated in value, and people are deciding to do a cash out refinance to use their "dead equity" to reduce debt, pay for home improvements, or make major purchases. We offer many cash out refinance products to unlock the equity in your home or investment property. Email me with any questions about a cash out refinance

Cash Out Refinance

In a cash out refinance, determine the balance of your mortgage, and the amount of cash you are taking out plus any closing costs (remember, I do not charge origination fees in a cash out refinance so these costs are as low as possible). The total is your loan amount. An appraiser will determine the value of your property which will be used to determine your Loan to Value (LTV). I have loan cash out refinance programs which will allow you to borrow 80, 90, or even 100% of the value of the home in this "Cash Out Refinance" transaction. 

One way to make a cash out refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," . Thanks to favorable rates, you may be able to do a cash out refinance without increasing your monthly payment. For example, at 8.5%, the payment on a $200,000, 30-year fixed-rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more.

One way to use the extra cash is to pay off any higher-rate loans you have. If you are carrying a $15,000 car loan at 10% and are making minimum payments on a $10,000 credit-card balance at 17%. Your payments could total $680. Assume you refinanced your mortgage, taking out an additional $25,000 to pay off your car and credit-card loans. At 7.5%, your additional monthly mortgage payment would be only $175, you come out $505 ahead ($680-$175=$505).

Of course, all the extra money needn't go for paying off debts. One client refinanced an ARM for a fixed-rate loan, they increased their mortgage by $34,000, from $106,000 to $140,000. Using $2,000 of the proceeds to pay their refinancing costs and another $18,000 to pay off a 10% home-equity loan, which had cost them $250 a month. They spent the remaining $14,000 to build a garage and did all this for just $19 a month.

We offer the ability to work with several unique programs accommodating borrowers with non traditional income or asset situations. Please visit my No Docs page.

Learn more about Cash Out refinance closing costs.

If you already have an excellent rate on your first mortgage, I have information available on home equity loans and a home equity line of credit

I have included a page on mortgage documentation requirements

Find out more about Streamline Refinancing

Learn more about "No Cost Refinance" options.

Learn more about Loan Modification. If you can not refinance, it may be the best way to save your home today.

If you have had credit issues in the past, it is absolutely critical in today's market that they be addressed before you try to get a mortgage. I have referred my clients to CreditFX for the past 5 years. Exceptional customer service and I am often stunned at what they have been able to have removed from people's reports, allowing my clients to qualify. Their charge of $199 is one of life's true bargains.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

Cash Out Refinance Prequalify for your Cash Out Refinance.


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