Debt Consolidation Cash-Out Refinance Mortgage Guidelines

A cash-out refinance could be right for you if you need money for home repairs or renovations, or if you want to consolidate high-interest debt. The process involves refinancing your home for more.

Cash Out Refinance Mortgage Loan Eligibility Guidelines A Cash-Out Refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe. To be eligible for an FHA cash-out refinance, borrowers will need at least 15 percent equity in the property based on a new appraisal. A Cash-Out Refinance can be a smart option for many homeowners.

A cash-out refinance allows you to consolidate all your debt into a single loan and usually offers the best mortgage rates and the longest repayment periods, up to 30 years. A home equity loan or line of credit is a good choice if you simply want to consolidate your other debts but keep them separate from your main mortgage used to pay for your home.

As of late 2013, FHA’s mortgage loan limit for the loan-to-value of any cash-out FHA refinance mortgage was 85% of the FHA appraisers value that includes loans for debt consolidation. This applies if the mortgage applicant has owned the property as his or her principal resident for 12 months or more before they apply for the FHA mortgage loan.

Today’s debt consolidation mortgages are more conservative than those seen during the housing boom, when lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes. Lenders now require the homeowner to keep at least 15 percent to 20 percent equity after cashing out.

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If your credit card balances are overwhelming and you’re looking to consolidate and lower your interest rate, a cash-out refinancing may not be the answer. If you take out a 30-year mortgage, you’ll be paying off those cards for the next 30 years. A home equity loan may be a better option here.

2. Cash-out / debt consolidation conventional refinance. You can also use a conventional cash-out loan to tap into the equity in your home. For example, if you owe $200,000 on a home worth twice.

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out or consolidate your debt may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

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Our new NON-qm 95% ltv debt-consolidation Refinance Loan Program allows homeowners to do a NON-QM 95% LTV Debt-Consolidation Refinance with only 5% equity. Cash-Out Refinance Mortgage Guidelines On Government And Conventional Loans. Equity is the name of the game when it comes to cash-out refinance mortgages.