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

Answers From IAL

In yesterday’s post¬†about reimbursements when your personally owned vehicle isn’t delivered as promised, I listed some questions that I submitted to Doug Tipton, President of International Auto Logistics (IAL.) ¬† IAL is the vendor who took over military member’s personally owned vehicle (POV) shipments in May of 2014. I received a very nice email from […]

© 2014 Military Advantage
A Monster Company.