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 request a Mortgage refinance with Cash Out up to 75% or 80% of the Appraised Value? (OAC)

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

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?

Is this a Investment Home or a Primary Home? 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 and REIT Loan Options that may also work, so please phone.

Other commonly requested details:

We provide 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. However, Cash out typical seasoning is 6 Months. Phone with scenario.
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!.
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 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