15 Year Fixed Cash Out Refinance
15 Year Cash Out Refinance
Take cash out and pay off your loan balance in less time.
If you need to take cash out but still would like to pay your mortgage off in less than 3 decades a 15 year fixed mortgage refinance is likely to be your best solution. Mortgage rates are generally lower on a 15 year loan versus a 30 year mortgage so you will pay less in interest by having a lower interest rate and shorter amortization. If you are able to afford it, a 15 year loan will be advantageous by paying significantly less in interest.
We provide a variety of home loan programs that will accommodate to a 15 year fixed cash out refinance. This includes conventional, FHA, VA, jumbo, and USDA cash out loans. Conventional loans are the most appealing option for borrowers whose total new loan amount will not exceed 80% of the appraised value of their property. If you want to take out more cash than 80% you will want to consider an FHA loan, which will allow you to take out up to 85% of your equity.
The only 15 year cash out loan that allows up to 100% financing is through the Veterans Administration. We are an approved VA lender and can process any qualified veterans mortgage, including cash out refinancing.
To learn more about our cash out loans and get current interest rates contact us today. By having current interest rates you can calculate what your new mortgage payment would be with accuracy. You can also compare interest rates on a 15 year cash out loan to other amortization schedules (such as a 30 year cash out loan).
Frequently Asked Questions
Are interest rates lower on a 15 year or 30 year cash out loan?
Generally, rates on any 15 year loan are lower than a 30 year mortgage. This is usually the case for 15 year fixed cash out refinances as well.
How long does the process take to refinance with cash out?
Our cash out refinance loans are processed quickly. From the approval process on the initial application to loan underwriting and clearing requirements, we work fast. Many refinances can close within 10 days or less.
Do you offer 15 cash out refinancing on USDA loans?
Unfortunately, there are not any cash out refinance options on USDA loans, but you can switch from a USDA loan to a conventional or FHA loan and take cash out (assuming you qualify and have equity).
How do I apply to cash out refinance?
To apply for a cash out refinance, send us a request to apply on this form.