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Get Cash From Your Home!

Cash-out refinancing works by refinancing your mortgage for more than you currently owe. The extra funds can then be taken out and used for whatever you might need. Common uses include paying off debt, remodelling your home, or paying off college tuition.

Why Cash-Out

Cash-Out Benefits

  • Consolidate your debt
  • Make repairs to your home
  • Lower your interest rate and pull equity out of your home

Cash-Out Requirements

As per the Freddie Mac website:piggy-bank

  • Loan Prospector
  • Non-Loan Prospector
  • Minimum Indicator Score of 620 unless otherwise specified in the Guide (Loan Prospector A-minus mortgages are exempt.)
  • All mortgages must meet the risk class and/or minimum Indicator Score requirements in Guide Exhibit 25A, where applicable.
  • The borrower must have been on the title to the subject property for at least six months prior to the note date of the cash-out refinance mortgage.
  • Refer to Guide Section 24.2 for requirements on continuity of borrower ownership or obligation.
  • The Seller must make the determination regarding borrower creditworthiness in accordance with the requirements of Guide Section 37.4(b)
  • New appraisal and inspection report required.
  • Special requirements apply for special purpose cash-out refinance mortgages. See Guide Section 24.7.

Freddie Mac, http://www.freddiemac.com

 

Steps to Cash-Out Refinancing

Before you start the Cash-Out Refinance loan process, be prepared to provide some information to one of our loan officers.

  • Social Security numbers
  • Address
  • Gross monthly salary
  • Banking and financial information
  • Tax returns