One of the most common purposes for refinancing is for homeowners to get a money back mortgage which is also called cash back refinancing. Homeowners can get a cash refinance loan for home remodeling, bill consolidation, college financing, 2nd home buying and much more.
Now you can refinance for cash without being charged a higher interest rate. In the past borrowers were unable to get cash refinancing at the lowest possible rate, because the lenders would extend a quarter of a percentage point on refinance loans that had more than a $1,000 come back to the borrower.
- Cash Out Refinance Loans
- Refinance with No Closing Costs
- Refinancing with FHA
- Refinance with Bad Credit
Get Qualified Today for a Cash Mortgage Refinance at a Great Rate!
Homeowners have a unique opportunity to access to cash at a reduced interest rate. Nationwide offers low rates and flexible terms on home equity and mortgage refinancing to borrowers with all types of credit.
With rates a record lows, now is the time to refinance with cash back. Whether you need $2,000 or $200,000 in addition to refinancing your mortgage, we have the loan programs you need to accomplish your financial goals cost effectively. BD Nationwide has earned a good reputation as a lender offering the best mortgage refinance with cash out.
Take advantage of new money mortgage programs that are available to qualified homeowners seeking cash out and lower interest rates that are available with our home refinance loans. Our lenders provide a wide variety cash back refinancing programs like, conforming, jumbo, VA, FHA mortgage loan terms that range from 10 to 30 years.
Prior to contemplating any type of mortgage refinance, homeowners must ensure they have made at least six consecutive payments on their initial loan. For those seeking a cash-out refinance with most lenders, it is necessary to have resided in the home for a minimum of 12 months.
LTV Requirements for Mortgage Refinancing to Receive Money Back
A cash back mortgage refinance involves replacing your existing mortgage with a new and larger mortgage, allowing you to convert a portion of your home equity into cash during the closing.
Generally, you are limited to accessing up to 80% of your home’s value through this process. FHA allows you to get money back in a mortgage refinance up to 85% LTV and VA allows cash back refinancing up to 90% in some cases.
- 80% LTV for Fannie Mae and Freddie Mac Cash Out Refinancing
- 85% LTV FHA Cash Back Refinances
- 90% LTV VA Refinancing with Cash Out
While cash-out mortgage refinances can serve as a viable alternative to HELOCs or home equity credit loans, it’s important to be aware of potential drawbacks.
