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Cash Out Refinancing Tips

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A few years ago when a homeowner needed cash out they would just get a second mortgage or a home equity line of credit.  Most homeowners already had a first mortgage at or below the market so it made little sense to refinance their entire mortgage to get an additional $20,000 or $30,000.  Refinance loan programs have been consolidated in recent years, so it is imperative  that you work with a lender like Nationwide who know the refi game backwards and forwards. You see, 1st and 2nd refinance programs have seen many changes with more equity and high credit scores being the trend.

Get Cash Out with a 1st or 2nd Mortgage Refinance

Time have changed… Home loan rates continue to break records, so even if you refinanced last year, chances are that could get a home loan with a lower interest rate. The other reason that mortgage refinancing for cash makes sense is that qualifying for a home equity loan is more difficult in today’s market and home equity lenders are requiring more equity for second mortgage loan eligibility.  Clearly cash out refinance loans have become a commodity.

Here’s how it breaks down:

  • FHA Refinancing with cash out up to 85% Loan to Value
  • VA Mortgage Loans enable cash back up to 90% LTV
  • Conventional Home Loans allow cash out up to 80% LTV
  • Jumbo Mortgages Allow cash out up to 75%  LTV’
  • Home Equity Loans allow cash back from 70-90% LTV depending credit scores

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