Cash Out Refinance Mortgage Loan

Cashout Refinance Mortgage Loan

Gustan Cho Associates

Cash Out Refinance Mortgage Loan Programs:

Since the real estate and banking collapse of 2008, cash out refinance mortgage loans have not been too popular because most homeowners have lost a large portion of their equity in their homes.   However, for those who need cash out refinance mortgage loans,  I can offer many cash out refinance mortgage loans programs that will suit your needs.

Why Cash Out Refinance Mortgage Loan?

There are many reasons why homeowners seek cash out refinance mortgage loan. Most of them get cash out refinance mortgage loans because they want to pay off their high interest credit cards, automobile loans, installment loans, or student loans.  Others get cash out refinance mortgage loan because they want to do home improvements, build an addition to their home, or have extra cash for a wedding, vacation, or for investment purposes.  Still others get cashout refinance mortgage loans to purchase vacation or second homes.  Whatever the reason, there are terms to consider before acting on getting cashout refinance mortgage loans.

Terms And Rates On Cash Out Refinance Mortgage Loan

If you are shopping for cash out refinance mortgage loan, there are conditions that you need to consider.  Most mortgage bankers or banks do not do cashout refinance mortgage loans.  If you are interested in cashout refinance mortgage loans, you should consult with a mortgage broker.  Mortgage brokers have dozens of correspondent lenders and should have wholesale mortgage lenders who cater to cashout refinance mortgage loans.  One of the things that you should realize is that mortgage rates will be higher for cashout refinance mortgage loans.  Mortgage lenders will hit you with an adjustment just for being a cashout refinance mortgage loan.  Most mortgage lenders prefer a 75% loan to value on cashout refinance mortgage loans.  However, there are mortgage lenders who will go up to 80% loan to value on cashout refinance mortgage loans.  There are a few mortgage lenders that will even go up to a 85% loan to value on cashout refinance mortgage loans.  You must remember that the higher your loan to value is, the higher your mortgage rate will be.  On cashout refinance mortgage loans higher than 80% loan to value, private mortgage insurance premiums apply.

Cash Out Refinance Mortgage Loan For Investment Properties

If you own second or vacation homes, you can still do a cash out refinance mortgage loan. However, depending on mortgage lenders, most mortgage lenders might have tighter restrictions on second homes, vacation homes, and investment homes. I also specialize in Condotel purchase mortgage loans and Condotel refinance mortgage loans.  With condotel refinance loans, the condotel mortgage lender will go up to 75% loan to value on regular rate and term condotel refinancing without a cashout.  However, the maximum loan to value on a cashout refinance loan is restricted to 60% loan to value.

Related> Cashout Refinance Mortgage

Related> FHA Cashout Refinance Guidelines

Related> Cashout Refinance Home Loans

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

Comments are closed.