Could a Cash-Out Refi be right for you? Do you need extra financial liquidity in order to pay for:
- More Education?
- A Vacation?
- A Life Change?
- A Home Remodel?
- A Business Opportunity?
You may be thinking of getting a home equity line of credit (HELOC) in order to finance your goals. Before you do that, contact us at MortgageDepot and inquire about all of the options that are available to you. Many borrowers find that they can benefit more from a Cash-Out Refinance.
If you have enough equity in your home, a Cash-Out Refi could save you a lot of money over the life of the loan.
It’s true that HELOCs don’t require closing costs usually, but they do carry higher interest rates than mortgages. A MortgageDepot Cash-Out Refinance loan will get you a lower interest rate and more agreeable terms over the life of the loan. That can save you money every month.
MortgageDepot’s Cash-Out Refinance Programs offer the following great benefits:
- Our Cash-Out Refis are available for borrowers who own 1-4 financed properties.
- A Minimum FICO score of 620 is all that’s required.
- Our Cash-Out Loans are Agency Conforming.
The maximum Loan to Value (LTV) and Combined Loan to Value (CLTV) for our Cash-Out Refi is:
- 80% on a 1-unit primary residence
- 75% on a 2-4 unit property
- 75% on a second home or on a 1-unit investment property
- 70% on a 2-4 unit investment property
The Max Debt to Income (DTI) for our Cash-Out Refi loans will be determined through Desktop Underwriter Engine. Delayed financing is available for properties that were purchased recently all cash (in the past 6 months).
MortgageDepot is the leading expert on Cash-Out Refinance loans. We know everything there is to know about refinancing mortgages of all types. If you’re looking to benefit from the equity you’ve built up in your real estate, call us today. Whether it’s for your primary residence, your second home or an investment property, MortgageDepot has a Cash-Out Refinance program that can help you achieve your financial goals.