Cash Out Refinance Loans

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.

To learn more details and for a Free Analysis please Click HERE.

Tell us More about your needs!

1st Trust Deed OR 2nd Trust Deed Cash Out Real Estate Mortgage Loans can go up to 1.5 million and 80% LTV +.
65-75% LTV + to 3 million+- Now is the time to Act!
Non-Owner, Cash Out 1st or 2nd Bank Statement Loans Now with Aggressive Loan to Values, Fixed Rates & I/O!
Qualify for “Cash Out” Investment Loans using No Employment on the 1003 via our DSCR Loans.
Debt Service coverage ratio “Cash Out” Real Estate loans (DSCR) 65-80% Loan to Value.
DSCR Investment Loans Purchase, R/T Refinance, Cash Out
IO Loan Option’s for Jumbos AOK and are available
Loan amounts up to $3,000,000 +
680+ is a common credit score, 6-12 months reserves + for owner occupied
Other Income Documentation types include asset depletion,
1- or 2-years using Full Doc OR Banks Statement loan options
12 months + seasoning from major credit event
House listed? Not selling? Call!
Borrowers are allowed up to 15 financed properties including subject
Full Doc, Conforming, Hi Balance and Jumbo Cash Out Home Loan Solutions
Maybe you can go Full Doc and get more aggressive pricing?
All Loan Products are subject to Program changes and on approved credit.

To learn more give Dan Cassel and his San Diego loan team a call at 866-310-1112

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Eligibility Requirements

Cash-out refinance transactions must generally meet the following requirements:

The transaction must be used to pay off existing mortgages by obtaining a new first mortgage secured by the same property or be a new mortgage on a property that does not have a mortgage lien against it.
Properties that were listed for sale must have been taken off the market on or before the disbursement date of the new mortgage loan.
For DU loan case files currently, if the DTI ratio exceeds 43%, nine months reserves or more may be required.
Each Loan has its own unique traits. We are here to help!

Acceptable Cash Out Loan Uses

The following are acceptable uses for cash-out refinance transactions:

Paying off the unpaid principal balance of the existing first mortgage.
Financing the payment of closing costs, points, and prepaid items. The borrower can include real estate taxes in the new loan amount. Delinquent real estate taxes (taxes past due by more than 60 days) can also be included in the new loan amount, but if they are, an escrow account must be established, subject to applicable law or regulation.
Paying off any outstanding subordinate mortgage liens of any age.
Taking equity out of the subject property that may be used for any purpose is often “OK” however you need to explain that purpose.
Financing a short-term refinance mortgage loan that combines a first mortgage and a non-purchase-money subordinate mortgage into a new first mortgage or a refinance of the short-term refinance loan within six months.
I am sure there are other acceptable uses, and it would be case by case.

Home listed?

The transaction is generally not eligible for delivery to Fannie Mae if the subject property is listed for sale at the time of disbursement of the new mortgage loan. However, we have solid Non-QM Loan Options that may also work, so please phone.

Other Key Loan Details to consider when comparing Loans

We can do Cash Out 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’s Low 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 Mortgage Rates and Terms and to take advantage of today’s Mortgage interest rates 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.

Dan’s Free Consultation request includes:

Quickly Identifying your Real Estate Loan Goals.
Discussing suitable Mortgage Products, Pricing, Timelines.
Discussing the Documentation you can supply, pricing
Creating a road map to achieve your goals via Analysis.
Access to Bank Underwriting Teams to review scenarios with us
Review Borrower Questions, discuss how our Loan Processing works

Our Mortgage Loan Platform and solid FNMA and NON-QM Loan Networks allow us to deliver Purchase and Refinance “Cash-out” Mortgage loans throughout California that many “Full Service” Banks typically just do not offer.

What People are saying about us:

Testimonials

“We had a great experience refinancing with Dan Cassel at Trinity Mortgage. It was difficult to complete during the pandemic, but Dan kept with it, and we are very happy with the results”

- Tom A. ( Bay Area)

“Dan is straight forward and honest in his approach to providing you the best products in the market. Had a great experience. ”

- David C. (Bay Area, CA)

“Dan was tenacious in helping us with financing. His determination in finding the best options for us far exceeded our expectations. His integrity, knowledge, and professionalism are unparalleled. ”

- Joe H. (Central Coast, CA)

“Dan did a fantastic job with my mortgage. Very responsive and he was able to get me a rate that was locked at exactly the right time. Couldn’t be happier with his service.

- Manny D. (San Diego County, CA)

Cash Out Refinance Loans