You will not be able to do a Cash Our Refinance at 125% loan to home value. In fact, most guidelines limit you to 85% for cash out. However, if you just want to refinance your existing loan and do a "no cash out" refinance, there are program such as the HARP 2.0 refi program that are great - giving you the ability to refinance at today's loan rates. Contact a Lender 411 mortgage professional in your area. Every loan situation is different and they will give you the best information for your unique situation. Good luck...Mar 31st 2012
The LTV won't be an issue under the new HARP 2.0 assuming the following. 1) Fannie Mae or Freddie Mac owns your loan 2) Your loan was closed prior to May 2009 . However, under HARP 2.0 cash out is not accepted. Hope this helps. If you are in California and have any questions call me 619 609 7006Mar 30th 2012
if you're looking to refinance and NOT PULL CASH OUT, then there are many lenders doing unlimited LTV... if you are looking to cash out at 125% LTV, then no.. a long time ago, far, far away, in the land of fairies and unicorns, there was a product where you could borrow 125% of your home's value.. but no more... contact a LOCAL mortgage broker, not a bank, and certainly not one of those 50 states, internet lenders... the local broker has access to numerous lenders, and if familiar with local customs, and can get you the lowest rate and fees for your particular scenario... WilliamAcres.comMar 30th 2012
Pulling cash out of a property that does not have equity, or borrowing equity that does not exist is no longer available thanks in part to Mortgage reforms. Based on the number of people that are giving up their homes because of negative equity, don't expect to see any changes that bring this practice back any time soon. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.comMar 30th 2012
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