Forgotten Your Password?

Need to Register?

Question Icon

is there a maximum anount that I can borrow against my home if I own it free and clear?

by evan_schneider680 from Westminster, Colorado. Feb 11th 2016 Reply


Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Good evening Evan,It depends on what you are able to qualify for. I am happy to assist you and see what your options are. I am a fully licensed mortgage professional located here in Colorado. Kay Cleland - KC Mortgage LLC - 720-670-0124 kay@kcmortgagecolorado.com www.kcmortgagecolorado.com BBB Accredited A+

Feb 11th 2016
0
0
Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

Evan, If you qualify based on credit and income, I can lend up to 90% of the appraised value of your home. If you qualify for a VA Loan, I can go even higher. Justin Murray JMurray@WintrustMortgage.com (312)256-4065

Feb 11th 2016
0
0
Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 63 contributions

no minimum

Feb 11th 2016
0
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed.. What's your home worth? How much do you want to take out? are you within the "Jumbo" range? Conventional range? VA or FHA range? You can do a cash out refinance up to 80% if it's your primary residence with conventional financing, 85% with FHA, and if you have VA benefits available to you, you can go 100% using VA.. however, most lenders have a cap as to how much you can take out.. usually it's $350K, but each lender has their own rule.. You also might be restricted based on the lending program you go with. for example, the maximum loan amount with conventional is $417K.. So if your home is valued as $521K or higher, then at 80% loan to value, you would maxed out at $417K assuming the lender will allow you to take that much cash out. Again, not enough info to answer your question properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 11th 2016
0
0
Bill Cook (loanpro)
#636 ranked lender in California - 43 contributions

Evan,It depends on:1. Your home's appraised value2. your credit score3. your income4. documentation provided: full doc or alternative income documentation5. Hopefully you've owned it more than 6 months, otherwise most lenders will use the purchase priceNOTE: lending up to 90% cash out probably won't apply if it is worth over $1 million

Feb 12th 2016
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

The rules for a cash out refinance, especially when there is not currently a mortgage on the property are different than if you are refinancing an existing mortgage or purchasing. The maximum you can borrow against your home as a cash-out mortgage is usually limited to 80-85% of the current appraised value, subject of course to all the other usual qualification requirements.

Feb 15th 2016
0
0
Subscribe to our news feed.