How Much Money Can I Get out of My Home?
So, you need cash from the equity in your home…No Problem!
If you are refinancing your home and you want to get some cash out to make home improvement or pay for your kid’s college you will want to know how much money you can get. Well, that depends! If you have the equity in your home and want to get cash out, the lender will guide you thru the different loan programs which offer cash out option. Usually, those programs include the 30 year mortgage and 15 year mortgage. Other programs are available; just check with one of our loan agents at LendPlus Financial.
The programs which offer a cash out option will usually increase the interest rate a little to offset the risk. They also take into factor your job history, cash reserves and credit history. Of course they also look at your debt to income ratios as calculated with the cash out portion.
The team at LendPlus Financial will go over your situation with the underwriter to make sure that get you the maximum amount of money you need based on the underwriting guidelines.