Shilo Zitting | Low VA Rates in Salt Lake City
We are your experts in VA Mortgage Loans & VA Streamline Home Loans. Call 801-550-1796 to see what we can do for you.
Low VA Rates, VA loans salt lake, VA loans Salt Lake City, VA loans
16058
page-template-default,page,page-id-16058,ajax_fade,page_not_loaded,,qode-theme-ver-10.0,wpb-js-composer js-comp-ver-4.12,vc_responsive

Cash Out Refinance

Cash Out Refinancing Options

What is a cash-out refinance?

A cash out refinance or cash out refinance for short is a means to replace the mortgage you have and replace it with one for more than you currently owe. The difference between what you owed previously is the cash out.

Many clients use the funds to pay off other debts, make new purchases, and others have decided to use the funds to be able to do home improvements.

Cash out refinance requirements

As it is with any mortgage program you need to prove you can afford the monthly payments with the typical documentation of income, assets and debts. Here are a few options to consider:

VA financing

This is the best option available. 100% LTV cash out is available at second to none in pricing. This means you can get a refinance amount for up to the current market value of your home and cash to you for the difference of what you currently owe.

FHA financing

Offers up to 85% LTV on cash for whatever reason. There is an exception for cash out on home improvement options, which offers all the way up to a 97% LTV of the home’s value here.

Conventional financing

There are a lot of options here. Traditionally, there have been options that go up to 90% LTV. There is an option to borrow up to 95% of the value of your home if you combine a current 1st & 2nd mortgage. You can also use this program primarily for home improvements up to the higher 95% LTV.

Jumbo loan amounts

Borrow up to 95% of your home’s value with no limit to actual cash in hand up to $2.5 Million.

Second mortgages and (HELOC) Home Equity Lines of Credit

Either option allows you to borrow up to 100% of the current market value of your home between both of your mortgages.

Other important details to consider

We offer all kinds of other programs for your situation.

  • Stated home loans
  • Bank statement qualifying loans
  • Asset depletion programs
  • Self-employed borrowers
  • No income / no asset
  • Lease agreements for income

All of these can be used to qualify for cash out refinance programs.

Credit scores for qualifying on the above mentioned programs come in anywhere as low as a 540+. The higher the credit score, the better the pricing, and the availability of mortgage programs & terms.

Limits for loans on cash out programs have a maximum of $2.5 million with no limit to actual cash in hand amounts.

Transactions on all types of homes available including;

  • Primary residences
  • Second Homes
  • Investment properties
  • Multi-family homes
  • Condominiums
  • Homes with acreage, etc.

All types of mortgage terms are available including;

  • 30 year term fixed rate
  • 15 year term fixed rate
  • Adjustable Rate Mortgages
  • Interest Only programs
  • 40 year interest only

All of these programs we offer at second to none one in pricing!!

Salt Lake City Cash Out Refinance

Request A Quote

If you are looking to receive a free mortgage rate quote, you’ve come to the right place! The Z Mortgage Team will assist you in finding the lowest mortgage rate quotes. Our no-obligation form is quick, easy, and you can find out in minutes if you will save.