Cash Out

Cash out to pay off debt. Or to renovate your house. Or to take that vacation you always wanted. It’s your choice.

Refinancing Facts

Turn your home equity into cash to make home improvements, pay off high-rate credit card debt, or build your dream pool. It’s your money, so you can do with it as you please.
You can even use the money to invest in building a real estate portfolio
Tap into as high as 80% of the current value of your home.
Cash-out refinances typically offer a lower rate than a home equity line of credits or second mortgages.

Today’s rates

Conventional Loans

Rates for Primary Home Purchase

5.625% (5.733% APR)

5.5% (5.629% APR)

4.875% (5.035% APR)

FHA & VA Loans

Rates for Primary Home Purchase

5.25% (6.334% APR)

5.375% (5.683% APR)

Rates, terms, and fees as of February 1, 2023 11:10 am and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here. Rates for Primary Home Purchase.

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What is a cash-out refinance?
This is a type of refinance that gives you the opportunity to use the equity you've built on your current home and turn it into cash by taking on a new mortgage. You will pay off your existing mortgage if you have one and the remaining equity leftover you can use for home improvements, future cash, or to consolidate debt. If your home increases in value as well as you are paying down your mortgage principal, it may be a good time to consider a cash-out refinance. Similar to a purchase, the lender will require you to qualify with a certain credit score, debt-to-income ratio, and will require an appraisal to be ordered to confirm the new value of the home. Finally, cash-out refinance mortgage rates in Florida are slightly higher than rate/term or purchase mortgage rates.
What should my credit score be for a cash out refinance on a FHA loan?
FHA guidelines state an applicant must have a minimum 580 credit score to qualify for a cash-out refinance that is a FHA loan. Different lenders do set their own requirements and you may need up to a 620 credit score to qualify. Lenders will also look at your credit history and current tradelines as well for qualification purposes.
What is the maximum loan to value on a conventional cash-out refinance?
On a conventional mortgage, the maximum loan to value is 80%. To determine that, you will divide the proposed loan amount to your home's current market value determined by an appraisal.
What are some requirements on a conventional cash-out refinance?

You must pay off the existing mortgage on your current home and obtain a new mortgage on the same property, your property cannot be currently listed for sale, the property must have either been bought or acquired by one borrower on the transaction for at least six months from the disbursement date of the previous mortgage. There are some exceptions to this such as if you recently acquired the home through an inheritance or went through a divorce. Documentation will need to be provided to show proof. You will also need to have a maximum debt-to-income ratio of 45% or you will need to provide six months reserves of assets.
What are some delayed financing exceptions?
If you are someone who purchased the home within 6 months and are looking to get a cash-out refinance, you may be eligible if you meet the following requirements: if your original purchase was an arms-length transaction, if you initially purchased the property in an eligible inter vivos revocable trust (the borrower is both the individual that establishes the trust and beneficiary of the trust), an eligible land trust with the borrower being a beneficiary of the land trust, or an LLC where the borrower owns 100%. You will also need to document the original transaction with a settlement statement showing no mortgage was financed for your purchase. A title search will also be completed by the lender to confirm if there are any existing liens on the property. You will need to document the source of funds you used to purchase the home such as providing bank statements or loan documents if helped finance. If you did use the source of funds from a loan or a line of credit, the proceeds from the existing refinance will be needed to pay off or pay down the loan used to purchase the property initially. That existing loan will also need to be calculated as part of your debt-to-income ratio. Your new loan amount can also not be more than what your initial purchase was for the property including closing costs and prepaid fees.
What is the maximum loan to value on a VA cash-out refinance?
Unlike a conventional and FHA cash-out refinance, you will be able to qualify for up to 100% of your home's value. The lender will order a VA certified appraiser to come to the home and complete the appraisal to determine the new market value. The new value will determine how much you will be receiving back minus your existing mortgage and fees such as closing costs and funding fee.

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