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What is a Cash Out Home Refinance Loan?
This is a process where Dan Cassel and the Trinity Mortgage Broker team refinance your existing California Real Estate Loan with a New Home Loan for more than you currently owe on your house. It presumes you have equity built up in your California home. The spread is your “Cash Out”.
This “Cash Out” goes to you and the use of Funds is decided by the Borrower. You can spend it on Home Improvements, Debt restructure, or use the proceeds for Financial Planning, even Retirement. It is your decision and the new lenders if they will allow a Cash Out Loan. They will seek an understanding on the use of funds and seek borrowers who have good credit and lots of Home Equity and earnings stability. We are used to these requests and move quickly.
Traditional Refinancing, or the “Restructure” of your Mortgage in contrast, replaces your existing Mortgage or Mortgages with a new one for the same balance.
There are many ways to approach a cash out loan. It may make sense to simply look at a new 2nd TD or HELOC and you keep your current first TD in place. We look at all solutions.
2 Real Estate Cash Out Loan Examples:
Cash Out Loan Products details:
Say your home is valued at $900,000 and your mortgage balances are a 1st TD of $350,000, and a 2ND TD/ HELOC of 150K. In this example you have a total equity position in your home of $400,000.
Cash Out Option 1 Maybe you want to pull “cash out” from your home and spend $80,000 on further renovations. In this example you could simply seek a new 1st TD Loan for $580,000.
Or with Cash Out Option 2 Maybe you decide to take the new Appraised Home Values, and with interest rates and the Cost of Money so low, you Refinance and take Cash Out up to 75% or 80% of the Appraised Value, OAC and remove even more equity for other purposes.
Other Key Loan Details to consider when comparing Loans
- We can do Cash Out Mortgage Loans for Salaried OR Self-Employed Borrowers.
- Our team has been Funding these types of Reliable Cash Out Loans since 2009
- You fill out a Confidential, Secure 1003 Residential Mortgage Loan Application with us, before Banks Review.
- No seasoning requirements for refinances: R/T. Cash out typical seasoning is 6 Months
- We qualify you at the new loan amount
- Sometimes cash out can be used as reserves to close.
- Most of our Cash Out Borrower requests have over 680-760 credit scores, so pricing is great!.
- We focus on the smooth file review, initial loan Input and timing to lock in Today’ loan Rates.
- Cash-Out Home Loans in California vary based on a % of your home’s equity, your loan amount, amount of cash out, credit, Earnings Information, Loan documentation and time owning the home.
- Our Mortgage Loan Process typically occurs in under 30-45 days, even for cash out loans.
For more detailed information on Cash Out Mortgage Loans in California, please tell us more and one of our Mortgage Experts will get right back to you!
Phone 866-310-1112 OR to get started online and request a quick response request Click Here.
