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if you have equity in your house can you refinance your house and get cash back

  • September 12 2013 - Chicago
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Answers (21)

Yes, as long as you can qualify.
  • November 12 2013
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Certainly.  Of course you'd have to qualify for the new loan, plus there are going to be minimum ownership timeframes and max Loan to Value considerations that you'll have to fit.  I'm a big fan of pulling equity out of your home when the equity is used wisely.   
  • November 12 2013
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Reach out to a mortgage lender they will be able to help answer this.
  • November 11 2013
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Yes, provided you qualify for the loan. It is a great way to make improvements to your home or take care of necessary repairs. Interest rates are usually lower than other loans, as well.
  • November 11 2013
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Under most circumstances-yes-provided you qualify. Consult a reputable lender for guidance.
  • November 11 2013
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Yes you can and look at your options.  A traditional home loan can be a great option especially if you can lower your current mortgage rate.  A home equity line a good option as well if the rates aren't as good as your current home loan rate and fees for an equity line are much lower sometimes free from your local bank and usually can be closed with much less hassle and much quicker.
  • November 10 2013
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Yes! If you have a decent amount of equity in your home then this is possible. The next thing that you should do is speak with a lender. There are lenders like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 05 2013
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Absotively! that is the whole idea with having equity. Many people are not as fortunate in this day and age to have equity in their home they can take out. Now keep in mind it has to be substantial, you cant owe 300k, and its valued at 310, and you want to take out 10k. that would be 100%. typically you should be 65% or better to be considered, among other things like your credit, income, etc.

  • November 04 2013
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Yes, you can.  Depending on what type of loan you are in you can get as 100% of the equity if you have a VA loan.

Please call or email me if you with more information to see how we can help.

Best regards,

Patty Harrison
Smart Mortgage
  • September 25 2013
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Yes you can.

With conventional and FHA loans you can use up to 85% of the value of your house to get cash out.

Contact me if you have further questions.  We can provide a free quote with in 24 hours.

Thank you!
  • September 13 2013
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Yes reach out to a lender they will be able to help you with this,
  • September 13 2013
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Yes, as long as you have adequate equity and otherwise qualify for the mortgage.
  • September 12 2013
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Profile picture for SteadyState
You can but if I were in your shoes I would do so after careful thinking and only in case of an emergency. Many homeowners were clobbered in 2007 when home prices dropped and their "equity disappeared" and were forced into foreclosure or short sale or strategic default. All terrible options that damage your personal well being and devastate your credit.
When it comes to bailouts, banks are essential, homeowners are not!
  • September 12 2013
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Profile picture for Andrew Malak
Home Equity Loan.
  • September 12 2013
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Cash out loan is what you are looking for. If you are looking for a line a credit, that is called a HELOC (Home Equity Line of Credit). This means you say have a $50,000 line, that you can borrow and pay off like a credit card. 
Many local credit unions offer those at great rates. But call around, some will only do it behind a current first mortgage. 

The other is a fixed loan. Talk to a mortgage person to understand what you can do. Each bank is going to have their own rules on this. 
  • September 12 2013
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You are asking about what is called a "cash out refinance."  Mortage lenders will have specific guidelines on the maximum loan to value that they will lend to.  Also, they have different guidelines for a primary residence versus investment properties, etc.  Speak to a licensed mortgage professional in your area about your options.

  • September 12 2013
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Typically the maximum loan available is 85% of the appraisal value on a cash out transaction.  Better terms tend to be available if you can stay at 75% or less.  
  • September 12 2013
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Profile picture for user9969812
Thanks
  • September 12 2013
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Yes, depending on how much equity you have. Each bank has slightly different standards.
  • September 12 2013
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Profile picture for Outer Banks N C
If you have enough equity you can. You will have to get an appraisal done to find out. Good luck

  • September 12 2013
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Profile picture for Matt Laricy
Sure. You can try calling a lender about it.
  • September 12 2013
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