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Refinance and Get Cash From Your Home

  • pay off higher-interest debt
  • make home improvements
  • pay for education
  • pay for major expenses

Find out how a cash out refinance can help.

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What do you want to do?

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How to Get a Cash Out Refinance: A Comprehensive Guide

We've put lots of information about cash out refinancing in one place. Below you can learn more about this type of refinance and whether it makes sense for you.

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How much money can you get from a cash out refinance

Loan-to-value ratios also affect how much money you might be able to get from a cash out refinance. Using the example above, the maximum amount of cash you might be able to borrow is $50,000. Here’s how the math works:

 

Home Value $250,000
Current mortgage balance $150,000
Sample maximum LTV 0.8 or "80%"
Maximum new mortgage balance $200,000
($250,000 x 0.8)
Maximum cash available $50,000
($200,000 - $150,00)

 

Remember that cash out refinances usually come with new closing costs. If you add these closing costs to your loan balance, they will reduce the maximum amount of cash you can take out of the new mortgage.

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Conventional
CASH OUT REFINANCE
VA
CASH OUT REFINANCE
FHA
CASH OUT REFINANCE
Appraisal Needed Yes Appraisal Needed Yes Appraisal Needed Yes
Income Verification Yes Income Verification Yes Income Verification Yes
Credit Requirements Yes Credit Requirements Yes Credit Requirements Yes
Mortgage Insurance No, if 20% equity Mortgage Insurance No, regardless of equity Mortgage Insurance Yes
Loan Limits Yes Loan Limits Yes Loan Limits Yes
Maximum loan-to-value 80% Maximum loan-to-value 100% Maximum loan-to-value 80%
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Talk to Freedom Mortgage about a cash out refinance

Freedom Mortgage Loan Advisors are happy to answer your refinancing questions. Let us help see if you qualify today. Get Started or call us at 877-220-5533.

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Cash Out Refinance Process

Once you're ready to tap into your home's equity, we are here to help and guide you through each step of the mortgage refinance process. Follow these simple steps to get you access to your money.

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What Our Customers Say

Check out the reviews from some of our customers.

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Already a Freedom Mortgage Customer?

Our Eagle Eye Pledge keeps an eye on your mortgage.

When you’re a Freedom Mortgage customer, we’ll activate our Eagle Eye pledge to keep an eye out for ways to put more money in your pocket. If we see that the value of your home has increased and we can help give you access to more cash, we’ll contact you about our cash out refinance program. Get cash to pay off bills, consolidate debt or make home improvements. Plus, with no cash closing costs and the ability to skip a payment, we can give you the freedom to focus on your home and your life, while we keep an eye on your mortgage.

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Contact Us

Get started today by getting a personalized evaluation of your home loan options from Freedom Mortgage.

877-220-5533