If you need extra cash, a Cash Out Refinance could be a great option
A cash out refinance can help your home improvement goals, so you don’t have to rely on credit cards, a personal loan or a second mortgage. You can also use the money to cover repair bills, consolidate or pay off debt or eliminate student loans.
What is a Cash Out Refinance?
A cash-out refinance is the process of replacing your existing mortgage with a larger one. The difference between the new loan amount and the existing balance goes to you to you at closing.
Unlike a second mortgage, a cash out refinance doesn’t add another payment to your list of bills. Cash out refinances give you access to lower interest rates than other lending options, including credit cards.
What is required for Cash Out Refinance?
To qualify for a conventional loan, all loan applicants must meet certain requirements, including:
- Good work history
- Verifiable income
- Credit score of 620+
- Minimum equity for loan program
How much can you get with a Cash Out Refinance?
The amount you can borrow depends on your home’s value and loan program. With conventional loans, the maximum amount you can borrow is 80% of the home’s current market value. FHA is the same as conventional while VA allows you to borrow up to 100% of your home’s current market value.
Ready to Get Started?
If you are interested in learning more about our first time home buyer programs, we are here to answer all of your questions. We will walk through the numbers and the process, from application to closing.
Call us at (404) 920-8988 to take the first step
Other Loan Types
Possibility starts here. Get approved for your mortgage
If you are ready to start the homebuying process, you have probably already heard about getting pre-qualified or pre-approved for a mortgage first. In fact, most real estate agents will want a pre-qualification or pre-approval letter before they start showing you homes.
Let's Find a Loan That's Right For You
Whether you are buying a new home, getting cash from your home’s equity, seeking a more affordable payment, or want to pay off your home loan sooner, our mortgage professionals explain your options simply and clearly — and offer you competitive rates and terms to help you save.
- Helping Turn Dreams Into Realties Since 1998
We have the experience, the social track record, and access to the right resources to get loans done.
- Flexible Rates & Low Fees
The key to our success has been a combination of consistently offering the lowest possible rates and above all providing outstanding customer service. We take pride in treating our clients with honesty and integrity.