Values have gone up very quickly recently, so it may benefit you to refinance your real estate at very low rates in the 3’s, with very low payments, to payoff debts, invest the proceeds, improve your home, or for other needs.
I hope you will find these notes useful. Of course, please call/email anytime with questions.
CASHOUT LOANS SECURED BY YOUR RESIDENCE:
Mortgage loans secured by your residence offer the most cash relative to your home’s value and the lowest rates. We can finance up to 80% of your home’s value with traditional low rate 30 year fixed rate loans. However, the lowest rates are available for cashout loans of up to 75% of your home’s value.
We also offer options as high as 85% of your home’s value with an FHA loan, and you can even cashout up to 90% of your home’s value with a VA loan if you are a Veteran. (The VA also offers 100% cashout loans but the red tape and restrictions are normally a bit too onerous.). 90% is pretty darn good for cashout.
The VA and FHA options are a bit more costly than traditional but they allow for those higher LTVs which may be worth the extra cost depending on your situation. Let’s face it, all rates are pretty low right now if you have a good use for the funds.
CASHOUT LOANS SECURED BY YOUR RENTAL HOUSES:
You can generally receive up to 75% of the property’s value, and that’s at a low rate fixed for 30 years in the high 3’s for our traditional offerings. We offer slightly higher rates and LTV options for special situations. Not too bad.
SOME FINE PRINT
- You must have solid credit/income/employment history etc for the fully documented long term fixed rate loan options backed by the Government. You must qualify and be approved but they are not overly restrictive.
- We do have other cashout loan options available if you do not quite “fit the box” of the traditional government guaranteed/insured loans.
- For my investor clients: If you have owned the property less than 6 months, we need to discuss some restrictions and some options to resolve.
- If you own commercial real estate or buildings/warehouses/offices, we can discuss those as well.
I look forward to your questions and thoughts. Just drop me an email or give me a call anytime.
