Cash Out Refinance Process
Cash out refinance process
Learn about the process of taking cash out of your home by refinancing.
The process of taking cash out of your home is surprisingly simple with any of our cash out refinance programs. We specialize in cash out refinancing, and have created an efficient process.
The very first step is to determine how much equity you have, and how much you would like to take out. Once you have determined these you will want to prequalify or submit a full application. If you would like to get an idea of what you will qualify for without providing any financial information, including having your credit pulled, you will want to prequalify. This is not a formal approval, but if you provide the most accurate information possible regarding what you believe your credit and financials look like we can provide you with a prequalification letter. This will outline the terms of the loan (or loans if you want to compare your different options) based on the qualifications you provided us with. Then, if you like the terms and would like to apply you can submit a full application.
Once you apply we will provide you with an approval of the exact requirements that we will require in order to process your loan. Typically all we need is income documentation along with a few other minor requirements to prove your ability to pay the loan. We take great pride in our efficiency at processing loans. We aim to close all loans within 15 days or less.
Below is an outline of steps of the process of taking cash out of your home:
- 1.) Determine the value of your home (you can either get a full appraisal or a an accurate idea through online home valuation tools).
- 2.) Determine what the highest LTV you can refinance up to. If you are a veteran or live in a USDA qualifying property than you can refinance up to 100%. Otherwise, you will be limited to 85% LTV with any lender.
- 3.) Submit your information to be pre-approved.
- 4.) Once you are approved we will inform you of all requirements in order to close the loan.
- 5.) Proceed through the loan process and then once closed there will be a 3 day right of rescission. Once the 3 days have passed your loan will fund and you will be issued the “cash” from your equity in the form of a wire transfer or check.