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Cash Out Refinance Loan
Lenders Extend Refinancing with Money Back

Home Refinance Advisors has multiple types of refinance loans with cash back options. Google News reports that senior real estate executives say turmoil in the financial markets continues to hinder the accessibility of credit, while also taking a toll on income-producing properties such as office buildings, shopping malls and hotels, according to the latest Real Estate Roundtable Sentiment Survey. This mainly affects the conventional loan market, which makes the government-backed FHA and VA viable options for cash out and other home refinancing.

With home prices on the downturn, mortgage refinancing with cash back options is difficult, but not impossible. Conforming and FHA refinancing allows cash back if you have enough equity in your home. VA also has cash back refinancing options. With a VA Refinance, you can take cash out up to 90% of the value of your home. And, there's no monthly mortgage insurance, which will save money each month. FHA and VA loans have much less stringent qualification requirements, especially in light of the current turmoil. Today FHA has scaled back their home equity requirements from 5 to 15%. So you can get money out with a FHA loan if you can remain under 85% LTV.

Cash Back Refinancing Considerations for Qualified Homeowners

Cash-out refinancing involves refinancing your mortgage for an amount larger than what you currently owe, and pocketing the difference. If you have been paying down your mortgage for some time, then the principal is likely to be substantially lower than what it was when you first took out your mortgage.

The equity you build from paying your mortgage down, along with home appreciation will allow you to take out cash for just about any purpose. For example, you can get cash for home remodeling, cash for debt consolidation, cash for financing education, cash for personal savings and even cash for a second or vacation home. Cash out refinancing is usually tax deductible, too.

Here are three of the most popular reason for a cash mortgage refinance:

  1. Debt Consolidation - Paying off high interest credit cards or second mortgages with the intentions of staying debt-free. If credit cards are maxed out then your credit score is most likely suffering. Trans Union, Experian and Equifax all will devalue your credit rating if lines of credit are more than 50 % of their total available balance.
  2. Home Improvements - Repairing or adding onto existing structure of home. This often times results in increasing the homes value. Yes, even in the midst of all these housing concerns, it is possible to increase your home's value.
  3. Reinvestment - Taking money out of your home with a refinance or home equity loan because one does not have any tax deductions and their home is nearly paid off. One may want to diversify some of the equity while still leaving the home in a great equity position after the transaction.

How much cash can I get?

The amount you can borrower is limited by the value of the property compared to the loan amount, otherwise known as the loan-to-value (LTV).With LTV, it's kind of like golf-the lower the number, the better the news. The LOWER your LTV is, the more you can borrow. It means you have a lot of equity in your house. And, the more your home equity, the lower your interest rates will be from your lender.