Posted by Looking to refinance your home loan? Whether lowering your rate, shorten your term or take cash out a refinance can help.
Conventional Home Loan Refi
Homeowners can refinance and NOT pay monthly mortgage insurance with as little as 6% equity in their home. This option helps homeowners that recently purchased a home with an or that put minimal down. Mortgage insurance elimination and or a lower rate are possible with less than 20% equity.
Additionally, Conventional financing allows homeowners to borrow up to 80% of their homes value when pulling cash out. Whether for debt consolidation or home renovations, a cash out refinance is a great way to leverage new found equity.
VA to VA Refinance
A VA Home Loan Streamline provides veterans with a low cost streamlined refinance option. In fact, no appraisal and no income verification required in most cases. Arizona While VA Streamline refinances prohibit cash out, veterans have an incredible cash out option.
Veterans can pull cash up to 100% of their homes value with a VA Home Loan Cash Out Refinance. Many loan types max cash out refinances at 80% to 85% of the home’s value.
FHA to FHA Refi
Similar to VA homeowners, FHA homeowners have access to a simplified refinance called an FHA Streamline. FHA streamlines require no appraisal or income verification. While FHA streamlines prohibit cash out, FHA homeowners can access equity with a Conventional or an FHA loan.
Each homeowner’s situation is unique. Find out what your refinance options are today!
By Jeremy House