If you’re one of the nearly seven million manufactured home owners in the U.S., you might be wondering if you can partake in a cash-out refinance just like site-built home 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 …
Cash-Out Refinance On a Manufactured Home | 2023 Guidelines Read More »
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 limit, which is currently $726,200 as of 2023. Second, you’re getting a bigger loan than what you owe, yielding cash to you at closing. These loans are very available …
Jumbo Cash-Out Refinance 2023 Guidelines, Rates, and Lenders Read More »
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 …
Cash-Out Refinance To Buy an Investment Property: Should You? Read More »
Free downloadable sample letter of explanation for cash-out refinance 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. Here is a template to use. >>Download the Word document here >>Go to the Google Doc here >>Download the …
Second homes have been the unlikely recipient of massive appreciation since the pandemic. Vacation hot spot, Florida, experienced 52% growth in home prices between September 2019 and September 2022, an increase of $135,000 on average, says Redfin. Vacation property owners are now wondering how to leverage this newfound equity. Fortunately, conventional lending allows cash-out refinances …
7 Steps To Get A Cash-Out Refinance On A Second Home Read More »
As a rental property owner, you’re probably pleased to see that the value of your investment property has risen at a fast clip since 2020. According to the U.S. Census Bureau, the median sale price nationwide rose from $329,000 in Q1 2020 to $440,300 in Q2 2022. You could easily be sitting on $100,000 or …
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