WISCONSIN CASH OUT REFINANCE
Cash out refinancing refers to the refinancing your existing home loan, but where the borrowers will take out additional money above the existing balance to use for any reason whatsoever.
For example, if a home is appraised at $200,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $160,000 (80% of $200,000). The new mortgage of $160,000 will pay off the $60,000 loan and leave $100,000 cash available for the home owner.
What are the benefits of a WI Cash Out refinance?
By cashing out on your home, you can obtain cash on the value of your own home to pay off existing debts (like credits cards) or pay for upcoming expenses (college), or even get the money to update or repair your home (new siding, new roof).
The refinance transaction may also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it's tax-deductible.
- Standard conventional loans allow owner occupied homes may cash out refinance up to 80% of today's appraised value.
- FHA Loans allow for up to 85% of the appraised value.
- VA loans may cash out up to a full 100% of today's value.
- Multi-unit properties and rental properties are generally limited to 70 to 75%
CASH OUT IS NOT A HELOC
While you are taking cash out, a cash out refinance is different from a Home Equity Loan (HELOC). A home equity loan is a new smaller loan. You leave your existing mortgage alone. The cash out refinance you pay off your existing mortgage AND take additional cash in one new mortgage.
CASH OUT Refinance
If you want to either take cash out to pay some bills, or refinance an existing 2nd mortgage into one new VA first mortgage - We can do that for you up to 100% of the appraised value of your home. It will require an actual visit by an appraiser to determine value
LET US HELP YOU?
If you are looking for cash out refinancing of your exisiting Wisconsin home loan, Mortgages Unlimited can find a program suited to your financial needs. We offer cash-out programs for both owner-occupied homes, and non-owner occupied homes.
Limitation apply on how much cash you can take out, so be sure to call our Wisconsin Mortgage Experts at (651) 552-3681, or simply fill out our online Wisconsin Mortgage Application to get started.