Colorado Cash Out Refinance
Are you a resident of Colorado and wish to take cash out of your home? We offer a selection of cash out refinance programs to Colorado residents. This includes the maximum allowable loan-to-value ratios in the country, and at some of the lowest rates you will find anywhere.
There are four total cash out programs which exist, and we offer all of these. This includes conventional, FHA, VA, and jumbo cash out loans. Unless you are a veteran who qualifies for VA loans, or have a non-conforming jumbo sized mortgage, you will want to consider your options between a conventional and FHA cash out loan.
Conventional Loan Cash Out Refinance
A conventional cash out refinance is the best choice for someone who wants to take out up to 80% of their home equity, and has good credit (680 or higher). Conventional loans offer 15 and 30 year loan terms.
Colorado FHA Cash Out Refinance
For those who do not have good or great credit, but still a 620 score or higher, will want to consider an FHA loan to tap into home equity. FHA cash out refinancing allows up to 85% equity. The downside to an FHA refinance is the mortgage insurance premiums attached to the new loan. These include upfront mortgage insurance and monthly premiums.
If you would like to calculate how much equity you can take out based upon your suspected property value, use our FHA cash out calculator that will display the maximum amount you can take out. It is based on the 85% max LTV. FHA loans also offer both a 30 year and 15 year loan term. Fixed and adjustable rates are available.
We can help you apply and compare any options that exist to you. The most efficient way to get assistance is to send us an inquiry through the form on this page and our Denver branch will receive your information and help you get prequalified and learn more about cash out refinancing. We look forward to hearing from you and serving your refinancing needs.