Cash-Out Mortgage Programs

What is a Cash-Out Mortgage?

A cash-out refinance is a mortgage which exceeds the homeowners payoff in order to consolidate debt(credit cards, car loans) or get cash back at closing. On average, a cash-out loan can save a homeowner between $400-$1,000 per month if the funds are used towards paying off debt. The homeowner also has the option of just getting cash at closing. We offer Conventional, FHA and VA cash-out programs. Below is a simple example of how a $20,000 cash-out loan works.

$175,000 Current Mortgage
30 year fixed loan w/4.25% interest rate

$836 Mortgage Payment(Excludes property taxes, insurance, HOA, etc)

$195,000 NEW Mortgage
30 year fixed loan w/4.25% interest rate

$938 Mortgage Payment(Excludes property taxes, insurance, HOA, etc)
$20,000 cash back at closing

A conventional cash-out loan allows you to get cash out of your home plus allows you to avoid mortgage insurance at the same time. Typically a little more difficult to qualify for than FHA loans.

» Borrow up to 80% of your home’s value.
» No Mortgage Insurance
»
30/15 year Fixed Loans
»
Very Competitive Interest Rates
»
No Closing Costs Option Available

**If you currently have an FHA loan and you’re interested in removing your mortgage insurance, by refinancing into a conventional loan and removing your FHA mortgage insurance, you can pull cash and keep your monthly payment the same or possibly even lower**

Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, and PUD’s.

An FHA cash-out mortgage will allow you to borrow up to 85% of your home’s value. FHA offers much more lenient underwriting so if you have a low credit score or have a unique financial situation please contact us for a no cost consultation.

» 30/15 Year Fixed Loans
» Pay Off Credit Cards, Car Loans, Student Loans, Etc.
»
Credit Score Down to 560

» Flexible underwriting/Easier to qualify
»
Low Rates
»
No Closing Costs Option Available

Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, PUD and manufactured homes.

 VA Cash-Out/Debt Consolidation

Use your VA mortgage to borrow up to 100% of your home’s equity. Get cash at closing or pay off debt plus avoid monthly mortgage insurance and take advantage of incredible VA rates.

» 100% Cash-Out(borrow up to 100% of home’s value)
» Only 620 Credit Score Required
» Unlimited Cash Back at Closing up to $417,000 Loan Amount

» No Closing Costs Option Available
» 30/15 Year Fixed Loan
Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, PUD and manufactured homes.

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