Would you like to get cash out of your property to spend on whatever you want?

By refinancing your existing loan your total finance charges may be higher over the life of the loan. But accessing your hard earned equity when you need it may be worth it!

Refinancing is a way to get extra cash for many reasons including paying off a different high-interest loan or debt (credit card, student loan, etc), improving your property, funding a large expense such as a boat, vacation, wedding or divorce, and people even refinance to buy other properties or buildings.

You have worked hard for your property, maybe it’s time for your property to work for you.

Source:

https://www.freddiemac.com/pmms/pmms30

Top States to Refinance

Top Reasons to Refinance

Maximum LTV for cash-out refinance

What is the maximum LTV on a conventional cash-out refinance?

The maximum loan-to-value ratio for a conventional cash-out refinance is often 80%. This means your LTV can be no higher than 80% if you want to qualify for cash-out refinancing with a conventional loan. Take a look at this sample calculation:

The homeowner in this example may qualify for a cash-out refinance for up to $95,000 in cash. Keep in mind you’ll need to meet other credit, income, and financial requirements to get your loan approved.

What is the maximum LTV on a VA cash-out refinance?

Veterans, active-duty military personnel, and surviving spouses with VA loans may qualify for VA cash-out refinancing with a 90% max loan-to-value ratio. Let’s look at the same sample homeowner as above with a 90% maximum LTV:

The VA homeowner in this example might be eligible to receive up to $122,500 in cash after refinancing – more than they could get with a conventional or FHA cash-out. Most VA homeowners will still need to pay a VA funding fee in addition to their closing costs when refinancing. And they will need to meet credit, income, and financial requirements to get their loan approved.