Cash-out refinances on properties owned more than one year prior to the refinance are available on owner occupied principal residences and on 1-4 unit investment properties (rentals). Loans are available up to 107% on owner occupied properties and in some cases, up to 100% on investment properties.

     A cash-out refinance is when a borrower refinances their current mortgage for more than they owe in order to pull out the built up equity that has accrued in the home.  The amount a home owner can borrower is limited by the value of the property compared to the loan amount (otherwise known as the loan-to-value or LTV).

If additional cash is needed, a borrower may consider a no-equity second mortgage.  No equity loans or 125 mortgage loans are available up to 125% of the home value to qualified homeowners.  To apply for either a refinance loan or a no equity loan click here.