Cash-out Refinancing: Important Factors

house in hands 380x253

Important factors to keep in mind about Cash-out Refinancing include:

  • A cash-out refinancing loan is a VA guaranteed loan which refinances any type of lien or liens against the secured property. The liens to be paid off may be current or delinquent, and from any source. (tax or judgement liens, VA, FHA, or conventional mortgages).
  • An appraisal is required and you must qualify based on income and credit.
  • Loan proceeds beyond the amount needed to pay off the liens may be taken as cash by the borrower for any purpose acceptable to the lender.
  • Cash-out refinance loans can be for up to 100% of the appraised value of the home.

The loan must be secured by the first lien on the property.

Related Topics

VA Loan Refinance
Connect
Get the

Money Matters

Sign-up
Newsletter
headerPaycheckChronicles

Paycheck Chronicles

From The Mailbag: Getting Service Records

For as much paperwork is involved with everything done in the military, sometimes it still seems difficult to keep track of all the documentation.  You never know when you are going to need some small detail, or even need to a copy of your entire record.  In theory, all records are available and accessible through […]

© 2015 Military Advantage