Cash-Out Refinance

Free downloadable letter of explanation for cash-out refinance example Sometimes, the lender’s underwriter will request a letter of explanation (LOE or LOX) for why you are seeking a cash-out refinance and what the funds are for. Connect with a lender to check today’s refinance rates. Here is a template to use. >>Download the Word document […]

As mortgage rates hopefully drop in 2024, owners of free-and-clear homes may consider putting their home equity to work with a cash-out refinance. Mortgage rules allow homeowners to receive cash-out funds up to loan-to-value limits whether there’s an existing mortgage on the home or not. Nearly 40% of properties in the U.S. have no mortgage

Second homes have been the unlikely recipient of massive appreciation since the pandemic. Vacation hot spot, Florida, experienced 56% growth in home prices between November 2019 and November 2023, an increase of $146,000 on average, says Redfin. Vacation property owners are now wondering how to leverage this newfound equity. Fortunately, conventional lending allows cash-out refinances

As a rental property owner, you’re probably pleased to see that the value of your investment property has risen since 2020. You could easily be sitting on $100,000 or more in tappable equity. So, are cash-out refinances on rental properties allowed? The answer is a resounding “yes.” Lending agencies Fannie Mae and Freddie Mac allow

Buying an investment property is a great plan for wealth creation and semi-passive income for your future. So, can you get a cash-out refinance on your primary home and use the funds for a down payment on an investment/rental property? Yes, you can. Here’s how to do that, as well as some insights on whether

Getting a jumbo cash-out refinance is a lot like getting a normal refinance, with two exceptions. First, you’re above standard Fannie Mae and Freddie Mac conforming limits, which are between $766,550 and $1.15 million in 2024, depending on your area. Second, you’re getting a bigger loan than what you owe, yielding cash to you at

If you’re one of the nearly seven million owners of manufactured homes in the U.S., you might be wondering if you can partake in a cash-out refinance just like site-built owners do. The answer is yes. Manufactured homes are eligible for cash-out refinances and you can use the funds for any purpose. As you may