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    Home » Refinance Loans » Cashout Refinance

    What Are The Benefits Of A Cashout Refinance?

    Cashout Refinance for homeowners with equity in their home replace the current mortgage loan with a new mortgage loan and receive lump sum cash at the settlement table that can be used by the homeowner to consolidate debt, make home improvements, fund a college education, create a rainy-day fund, or whatever other requirements the homeowner may have.

    Cash-out refinance loan options are available using a Conventional Loan, FHA Loan, and VA Loan.  Cash-out refinance loans provide homeowners with the opportunity to tap into their home equity by refinancing their mortgage for an amount greater than the existing balance. With cash-out refinancing, homeowners can access funds based on the equity they’ve built up in their property over time.  Based on today’s lending guidelines the maximum loan amount available on a cash-out refinance will be as follows:

    • Conventional Loans – 80% of the appraised value
    • FHA Loans – 80% of the appraised value
    • VA Loans – 100% of the appraised value

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