Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it's tax-deductible.
If you are looking for this type of refinancing, American Home Lending USA, LLC can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes and Non-owner occupied homes, with low, affordable rates.
Convert Your Full Home Equity into Cash with a VA Cash Out Refinance
If you are a veteran and currently have a home loan, you may have the option of refinancing as much as 100 percent of the total value of your home. This VA guaranteed loan option allows you to pay off any type of mortgage including VA, FHA, Conventional, second mortgages and Home Equity Lines of Credit. The VA cash out refinance program is ideal for homeowners who have credit card bills or would like to make upgrades or repairs to their home. An appraisal is required and you must qualify based on income and credit.
Pay off thousands in high-interest credit card debt with a cash-out refinance from us!
Increase to VA Cash Out Limits for 2023: You can fully cash out your equity on loan amounts up to $726,200 for most U.S. counties and up to $1,089,300 for high-cost counties for single-family home. For loans above that amount, the amount of cash you can take out is based on the maximum conforming loan amount in your area.
This is great for clients, because it means more money for home renovations and repair, boosting a college or retirement fund or whatever else you might use it for. We’ll go over what you need to know to take advantage of this opportunity.
To apply for a VA refinance or to find out more about whether you qualify, call one of our VA Home Loan Specialists at 1-800-965-0125 or get started online.