Cash-Out

CASH-OUT REFINANCE PROGRAMS

A cash-out refinance is a mortgage that exceeds the homeowner’s payoff to consolidate debt(credit cards, car loans) or get cash back at closing. On average, a cash-out loan can save a homeowner between $400-$1,000 per month if the funds are used towards paying off debt. The homeowner also has the option of just getting a lump sum at closing. We offer Conventional, FHA , and VA cash-out programs in Colorado. Below is a simple example of how a $20,000 cash-out loan works.

$300,000 CURRENT Mortgage
30-year loan w/6.5% interest rate
$1896 Mortgage Payment(Excludes property taxes, insurance, HOA, etc.)

$340,000 NEW Mortgage
30-year loan w/6.5% interest rate
$2,149 Mortgage Payment(Excludes property taxes, insurance, HOA, etc.)
$40,000 cash back at closing

CONVENTIONAL CASH-OUT

A conventional cash-out loan allows you to get cash out of your home plus avoids monthly mortgage insurance at the same time. This loan is typically a little more difficult to qualify for than FHA loans.

  • Borrow up to 80% of your home’s value.
  • No Mortgage Insurance.
  • 30/15 year Fixed Loans.
  • Very Competitive Interest Rates.
  • No Closing Costs Option Available.

**If you currently have an FHA loan and you’re interested in removing your mortgage insurance, by refinancing into a conventional loan and removing your FHA mortgage insurance, you can pull cash and keep your monthly payment the same or possibly even lower**

Eligible Properties:

Single Family Residence, Townhouse, Condo, Duplex, and PUD’s.

FHA CASH-OUT

An FHA cash-out mortgage will allow you to borrow up to 85% of your home’s value. FHA offers much more lenient underwriting so if you have a low credit score or a unique financial situation, please contact us for a no cost consultation.

  • 30/15 Year Fixed Loans.
  • Credit Cards, Car Loans, Student Loans, Etc.
  • Credit Score Down to 580.
  • Flexible underwriting/Easier to qualify.
  • Low Rates.
  • No Closing Costs Option Available.
  • Borrow up to 80% of your home’s value.
  • Requires monthly mortgage insurance.

Eligible Properties:

Single Family Residence, Townhouse, Condo, Duplex, PUD and manufactured homes.

VA CASH-OUT

Use your VA mortgage to borrow up to 100% of your home’s equity. Get cash at closing or pay off debt. Avoid monthly mortgage insurance and take advantage of incredible VA rates.

  • 100% Cash-Out(borrow up to 100% of home’s value)
  • Only 580 Credit Score Required
  • Unlimited Cash Back at Closing up to $417,000 Loan Amount
  • No Closing Costs Option Available
  • 30/15 Year Fixed Loan

Eligible Properties:

Single Family Residence, Townhouse, Condo, Duplex, PUD, and manufactured homes.

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