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How much cash-out can I get in a refinance?

I need relieve a lot of debt, and currently I have a LTV of 40% with my current mortgage (100k of 250k home) I need to get around 50-60k cash out with a refinance. Would this be possible? Not good credit, but I do have a long employment history. by ryan.s_477_113 from Indianapolis, Indiana. Dec 12th 2011 Reply


Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

If you owe $ 100,000 on your home, you can cash out up to an additonal $ 112,500 if your home value is $ 250K. Please call me with any questions or for a quote at 866-766-1918. Rates are really low right now. 16 Years mortgage experience. Eddie Sexton

Dec 12th 2011
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Jeff Cost (midwestlender)
#39 ranked lender in Ohio - 164 contributions

I have a few options for you. If you have not had any 30 day late mortgage payments in the last 12 months then you could posibly qualify for 85% loan to value cash out at market rates. If you have had late mortgage payments in the past year then you could possibly qualify for a slightly higher rate and up to 80% loan to value. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Dec 12th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It depends on your definition of "not good credit".. most lenders have a minimum credit score requirement. 620 to 640 for FHA and slightly higher for Conventional. We have lenders here in AZ that will go down to 500 credit scores, but they don't lend in your state of IN. Credit and income are the most important 2 factors in a lenders decision. Contact a local mortgage broker, not a bank, and apply with them. they have access to multiple lenders and can find the right one for your particular scenario. WilliamAcres.com

Dec 12th 2011
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Blake Kleckner (BlakeK)
#386 ranked lender in California - 258 contributions

It is possible for you to get $50K to $60K cash out based upon your mortgage balance of $100K and $250K FMV providing you can qualify for the loan. Cash out transactions are very loan-to-value ratio and FICO score driven. With a 40% LTV (actually, anything less than 60%), you should not incur any additional cost with a refinance as long as your mid-FICO score is at least 680. If it's 620 to 679, it may cost you an extra $750 for the loan depending upon the lender. If it's below 620, you may encounter a major challenge.

Dec 12th 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

The real question has to do with your credit. Not being sure what your definition of "Not good credit" is, it is hard to say what you would qualify for. My advice would be to contact a local Mortgage Banker/Broker to find out what your options are. Many people I have spoken to who tell me there credit is not so good actually had pretty good credit. Good enough to do what they wanted to do.

Dec 12th 2011
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Don McCarty (donmccarty.pfa)
#34 ranked lender in North Carolina - 53 contributions

A way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or "cashing out," in mortgage speak. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 8.5%, the payment on a $200,000, 30-year fixed rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more. The best use for the extra cash is to pay off any higher rate loans you may have. Let's say that you are carrying a $15,000 car loan at 10% and making minimum payments on a $10,000 credit card balance at 17%. Your monthly payments on those debts would total $680. Then assume you refinanced your mortgage, taking out an additional $25,000 to pay off your car and credit card loans. Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505). Of course, all the extra cash needn't go for paying off debts. When the Menards swapped their ARM for a fixed rate last December, they also increased their mortgage load by $34,000, from $106,000 to $140,000. They used $3,000 of the proceeds to pay their refinancing costs and another $17,000 to pay off a 10% home equity loan, which had been costing them $250 a month. Then they spent the remaining $14,000 to build a garage for Roger's antique car collection -- and they did all this for just another $19 a month. Contact American Finance Group at (919) 633-7505 for more information. Don

Dec 12th 2011
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James Barath (JamesBarath)
#1 ranked lender in Indiana - 352 contributions

The key for you and your pursuit to a cash out refinance is your mid-FICO score. If you're mid-FICO score is between 620-680, your best option might only be FHA. However, it would require for you to pay MI for a minimum of 60 months. Even if your mid-FICO score is greater than 680, FHA still might be your best option because you do want to cash out. Happy Holidays!

Dec 16th 2011
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