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Take Cash Out
There are basically three options to take cash out through refinancing your
property.
The first option is to refinance your first mortgage and increase your first
mortgage balance. The main benefit of this option is that rates for first
mortgages generally are less than rates for second mortgages.
The second option is to take out a new second mortgage or refinance and
increase the balance of your current second mortgage. The main benefit of
this option is that you can keep the rate on your existing first mortgage if
it is lower than current market rates.
The final option is to obtain a new first and second mortgage. The main
benefit of this option is that you can maximize the amount of cash out. In
addition, you can get a fixed rate on a portion of the loan and an
adjustable rate on the other portion.
Beware - some lenders limit the amount of cash out available. For
example, some lenders say they will lend 75% of the value, but limits the
amount of cash you can receive at closing to $200,000. We have some
lending partners that do not limit the cash out by dollar amount - only
by the loan-to-value percentage.
property.
The first option is to refinance your first mortgage and increase your first
mortgage balance. The main benefit of this option is that rates for first
mortgages generally are less than rates for second mortgages.
The second option is to take out a new second mortgage or refinance and
increase the balance of your current second mortgage. The main benefit of
this option is that you can keep the rate on your existing first mortgage if
it is lower than current market rates.
The final option is to obtain a new first and second mortgage. The main
benefit of this option is that you can maximize the amount of cash out. In
addition, you can get a fixed rate on a portion of the loan and an
adjustable rate on the other portion.
Beware - some lenders limit the amount of cash out available. For
example, some lenders say they will lend 75% of the value, but limits the
amount of cash you can receive at closing to $200,000. We have some
lending partners that do not limit the cash out by dollar amount - only
by the loan-to-value percentage.
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Construction Loans
Purchase
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Refinance
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