Cash Out Refinances - Florida
If you are in need of a cash out refinance loan in Florida,
you have come to the right place.
NMLS License # 216170
Do you need some extra cash? We all do.
Money is Cheap right now and Home Values are Going Up!
Think about interest rates in the 4's. Mortgage interest is generally a tax deduction so that makes the effective interest rate even less. Balancing money invested vs. money borrowed can be an effective strategy to acquiring wealth .
Your Equity is Your Money
In todays market we are borrowing money at about 4% before the tax benefit. After the tax benefits we are probably borrowing money at an effective interest rate of 3%. Do you know many investment vehicles that earn better than 3%. I Do!
Here are the typical Examples of Cash Out Loans
Fannie Mae/Freddie Mac Cashout - Loan to Value to 80% (Without mortgage insurance) These are the two bread and butter mortgage loan options that have been around forever. The rates are actually higher than FHA but there is no mortgage insurance with these loan programs which helps to keep your payment lower.
A Fannie Mae/Freddie Mac cashout loan is good for good credit borrowers who want to avoid mortgage insurance at all costs.
FHA Cash Out Refinance - Loan to Value to 85% Cash Out (With Mortgage Insurance)
A FHA cash out refinance is a more aggressive loan program that actually has a lower rate than Fannie Mae and can accomodate a lower credit score without major hits to pricing. FHA will also go as high as 85% financing on a cash out refinance. The downside is that there is mortgage insurance which is a part of your monthly obligation.
Get Out of an Adjustable Rate Mortgage - Either program, Fannie Mae or FHA. What is great is that you can cash out and use a low adjustable rate to keep your housing payment where it is or less than what you have now.
The FHA 203K program will let you do a home improvement even if you have little equity - This is one of my favorite programs that many borrowers are not even aware it exists. You can be pretty much at 100% loan to value and be in need of a roof or a new bathroom or kitchen. The 203K program will get you 110% of the after-improvement value of your home based on an appraisal of before and after. Great for replacing a roof or kitchen but does not apply to pools. In many cases if the customer currently has a loan in the 6's, they are able to do the home improvement and lower their rate!
Senior citizens who own their homes free and clear may wish to look at a reverse mortgage. This is sort of like an annuity on your home. If you intend to stay in your home forever, this may be an option for you.
A Cash Out Mortgage Refinance in Florida
The equity in your home does nothing for you while it's sitting there. A Florida Cash Out refinance allows you to use the equity in your home to pay off bills, do some work around the house, or many other uses. Even if you have bad credit, you can get the money you need for home improvements, college education, retirement, vacations, etc.
I even had a customer who used the cash out to repair her credit so all future borrowing would be on better terms.
With a cash out refinance you are paying off your current home loan as well as receiving additional funds back at closing. The cash out mortgage refinance options offers help by using the value of your home to the fullest, now. Some customers who sat on the fence with this loan saw their equity disappear never to be seen again. I am not advocating crazy spending here but it is your money that sometimes can help in the short term with your monthly cash flow.
Utilize one of our many mortgage refinance solutions to help in:
- Paying off higher interest rate bills and credit cards
- Making home improvements
- Paying for college
- Taking a dream vacation
- Purchasing a vehicle
- Getting up to 80% loan to value to invest in anything
- Use the equity in your home to start a business or advertise