Taking Cash Out of Your Home

If you need cash out from the built up "equity" in your home or even an investment property apply here and take advantage of some of the lowest interest rates in over 30 years.

95 & 90-percent Home Refinance

Various cash out refinance loan programs exist for borrowers to pull some equity out of their property. Loan programs that allow this fall under conventional, government (FHA and VA), and jumbo financing.

With a conventional loan, you may get 90% cash back but you will also have PMI. An alternative may to seek a home equity loan as it will be less costly.

For borrowers who have an FHA loan, they are eligible to obtain a cash-out refinance up to 95% maximum loan to value. An intelligent choice may be to consolidate your debts into one low-interest rate loan.

If you have a VA mortgage loan, and you're a veteran, military member, or spouse of one, you are eligible to get cash out of your home, up to 90% of your home's value ($325,000 maximum), with the VA loan (Source: US Dept. of Veterans Affairs).

For borrowers with jumbo mortgages over $424,000 or $636,150 in many parts of California:
Take cash out up to 90% of your home's value to $1,500,000 on your primary residence, if you have a 720 middle score and maximum 35 DTI
Get cash back up to 95% with a 760 middle score on a primary home and a maximum DTI of 35.
For investment properties, the maximum LTV is lower.

You can use the cash proceeds for:

Debt Consolidation

Home Improvement

Investment

College Tuition, Retirement, etc.,

If you have an existing 1st mortgage with a decent rate that you'd like to keep or you have a prepayment penalty and only need a nominal amount like $50,000 then a 2nd mortgage or Home Equity Line might be a better solution.

Even if you have bad credit, there could be a way to get cash out to consolidate high interest debts such as credit cards, auto loans, student loans, etc. After consolidating your debt, you can invest a portion or all of the monthly savings into your retirement, college tuition, or payoff your mortgage sooner. Now you have more options to make your real estate "equity" work for you.

You can Calculate your Debt Consolidation Savings with a cash out refinance.

For a Free evaluation of your mortgage loan options:

Get Started On Your Refinance