Cash Out Loan Program
Refinance your Current Mortgage to Take Cash Out
If you have equity in your home and are looking to take cash out we will help you explore the best refinance cash out mortgage option to achieve your goals. We offer very competitive mortgage interest rates. People take cash out of their home for many reasons. A cash out refinance is different than a home equity loan in the sense that it is not a second mortgage but an entirely brand new home loan (it replaces the current mortgage and becomes the first mortgage). If you refinance, your total finance charges may be higher over the life of the loan.
Depending on how much cash you need to take out of your equity, what your current mortgage loan program is, and what your future goals are for your property, our highly trained mortgage expert will advise you on the most advantageous home loan program is for your situation.
These are most popular Cash-Out Refinance Programs we offer:
Conventional Cash-Out Refinance Loan: Homeowners who need to take cash out of their home may want to consider a conventional loan refinance. Our program provides up to 85% LTV (loan-to- value).
FHA Cash-Out Refinancing Loan: The FHA cash out refinance is ideal for borrowers who might now qualify for a conventional loan to tap into their equity. The credit qualification requirements through the FHA are more lenient and less documentation is required. Borrowers are allowed to take cash out of their property up to 85% of its appraised value.
VA Cash-Out Refinance Loan: The VA Cash-Out refinance mortgage program gives qualified veterans the unique opportunity to refinance their conventional or VA mortgage into a lower interest rate while extracting cash from the home equity. Qualified Veterans borrowers can refinance up to 100% of their home value to pay off existing mortgage and other debts or simply take cash out for personal use and home improvements.
The VA cash out refinance program is also what is used for borrowers who need to switch from a non-VA mortgage to a VA home loan. Even though there may not be any cash received back at closing, it is still treated as a VA cash out refinance since the proceeds of the new loan will be used to pay off a non-VA mortgage lender.
Cash Out Refinance for Home Improvement
One of the most best ways to finance home improvements is to take cash out of your home equity by refinancing. Making home improvements can significantly improve the value of your home. Not only are you enhancing your quality of life by improving your living space, but you also are increasing the value of your home, therefore increasing the amount of equity that you have in your property. It is very common for homeowners who live in an older home to need a list of renovations in order to bring the property up to optimal conditions. Both efficiency upgrades and cosmetic upgrades will increase your homes appraised value.
Cash Out Refinance to Pay Off Credit Card Debt
Credit cards are notorious for their ridiculously high interest rates which can be financially devastating and can bury one in ever increasing debt. One of the best financial decisions one can make is to eliminate or reduce all high interest debt.
A cash out refinance to pay off credit card debt, especially high interest credit cards is typically the best cash out refinance option one may take for eliminating such debts. Mortgage interest rates are currently very low which may result in you saving hundreds or even thousands of dollars a month, and tens of thousands of dollars overtime.
Our Certified Mortgage Planner Specialists will guide you through each stage of the process and provide you with expert advice along the way. We are committed to making the home refinance process clear, informative, and simple. At Guardian Mortgage, we understand that you want to get the best refinance deal. That’s why we are committed to providing you with the information you need to make well informed decisions.
