Sometimes unexpected things come up which may create a sudden and urgent need to access your home equity. Whatever your reason is for needing a fast cash out refinance, allow us to assist you in refinancing your mortgage quickly.
There are three different cash out refinance programs that are available. This includes conventional, FHA, and VA loans. The best cash out refinance loan for you will depend on how much cash you need to take out, your credit scores and history, and other qualifications.
- Conventional Loans – A conventional cash out refinance is ideal for borrowers who have better credit (660 or higher FICO score), and do not need to take out more than 80% of their home equity. Conventional loans are limited to an 80% LTV on cash out refinances regardless of the borrower or property.
- FHA loans – Any homeowner whose credit is in the lower or mid 600s (between 600-660), or anyone who wishes to take out more equity a 80% LTV will allow (but not higher than a 85% LTV) will want to consider a FHA cash out refinance.
- VA Loans – A VA cash out refinance loan is only available to veterans and members of the military and their spouses. If you fit these requirements, a VA loan is almost certain to be your best option. A VA cash out refinance provides up to either 90 or 100% financing depending on the applicant. The interest rates are also lower than other types of home loans.
How to Cash Out Refinance Quickly:
When you apply with us for a cash out refinance, we will inform you of what options exist for you. For all non-veterans this will either be a conventional or FHA loan, or both. You can then decide if you wish to proceed with the new mortgage loan. If you do, you will receive an official loan approval which will outline each and every condition (requirement) of your cash out refinance.
The amount of time it will take to close your mortgage and receive your cash will depend on how fast you can provide us with the information or documentation we need in order to satisfy these requirements. The sooner you send us what is required, the sooner your new mortgage loan will close. A cash out refinance can often close in as little as 4-7 days. This requires a high level of cooperation and can only be accomplished if all requirements are sent in within 24-48 hours of receiving your loan approval.