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Conventional Cash Out Refinance
Are you considering accessing the equity in your home? A Conventional Cash Out Refinance offers homeowners exceptional low interest rates, without any upfront funding fees.
EquiFund's automation generates mortgage loans that are 1% lower than most all lenders and banks, guaranteed.
Conventional loans, also known as Conforming loans, are underwritten and approved in accordance with both Fannie Mae and Freddie Mac underwriting guidelines.
Benefits of Refinancing with a Conventional Loan:
- No upfront funding fees.
- Low annual percentage rate.
- Low interest rates.
- No private mortgage insurance when loan-to-value is less than 80%.
- Private mortgage insurance is removed when loan-to-value is less than 78%
Reasons to Refinance for Cash-Out?
- Home Improvements and upgrades.
- Consolidate bills and pay off debts.
- Set aside funds for investments.
- Purchase another property.
How do I determine if it is beneficial to refinance?
The ultimate goal in deciding if and when you should refinance to access the equity in your home, should be determined by the net benefit the cash out amount provides you compared to what your new monthly payment will be.
Our online mortgage calculator will compute your new monthly payment, any comparative loan savings, and the amount of cash out available to you.
Conventional Mortgage Loans Requirements:
Available Loan Terms: 30, 25, 20, 15 and 10 year fixed and adjustable rate loan options
- Primary, 2nd Home, or Investment
- Single, Condo, Manufactured, Multi-family
- Borrow up to 80% of homes value*
- Lower Rate & Better Terms
- 620 Minimum Credit Score
- Debt-to-Income ratio less than 50%
- No Bankruptcy 7 in last 4 years
- No Foreclosure in last 7 year
*Investment properties and second homes may have lower maximum loan-to-value. Using our online calculator will verify eligibility and available funds for cash out.
5 Steps to Getting a Cash Out Refinance online:
EquiFund Mortgage offers an online mortgage market place where you can identify and select the lowest interest rate mortgage loan from today's best lenders.
This mortgage app will compare your current loan to a new proposed loan to calculate your new interest rate, monthly payment and closing cost.
The mortgage app will verify your net tangible benefit and determine if refinancing is warranted.
1. Apply: Online Mortgage App
In less than 3 minutes you will be pre-qualified online. Our mortgage app will determine your eligibility and identify the lowest interest rate mortgage for your Cash Out Refinance.
Provide basic information:
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Current loan information, payment, interest rate, loan balance
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Credit score and credit history
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Monthly debts other lines of credit
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Annual Gross Income
2. Review Loan Options:
After you have entered your basic information from step 1, the mortgage app will verify eligibility for loan programs, and display the loan offers for your review.
You will be shown funds available for Cash Out. The mortgage app is designed to identify and sort the lowest interest rate mortgage loans from in ascending order.
Reviewing Loan Options:
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Identify the highest monthly payment savings from list of loans
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Consider the annual percentage rate, as the true determinant of lowest cost loan
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Expand the DETAILS button on each loan result for payment savings details
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Select your preferred loan offer.
3. Upload your Income Documents
Once you have verified your new monthly payment and available cash out loan program with the lowest interest rate the select the new mortgage, you should upload your income documents.
When we receive your income documents, we will begin the formal process of originating and underwriting your mortgage loan request.
Income Documents to upload inside our app:
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1 Month most recent pay-stubs
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Last 2 years IRS Tax Returns or W2's
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Drivers license and social security card
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Copy of current monthly mortgage statements
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Copy of homeowners insurance declaration page
4. Talk with us:
Once you have uploaded your documents, it will be helpful to have a conversation with one our licensed loan originators. They will become your primary point of contact. The assigned Loan Originator will review all of your documents, the loan option selected and answer any questions you have.
Working with our Loan Originators:
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Discuss any questions you have
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Communication is essential to deliver your request efficiently
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Watch for emails, and text messages
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We want to get to know you
5. Underwriting and closing:
Once you have uploaded your income documents and spoken with a Loan Originator, your file will be moved to underwriting. Depending on your current loan-to-value, the requirement to have your home appraised may be waived.
Be responsive and available for any additional documents needed by the underwriters. The Loan Originator will stay in communication to honor your loan request, and move your loan file to closing as fast as possible. We normally close mortgage loan request in less than 30 days.
Underwriting and closing requirements:
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You may have to furnish additional items
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Stay in contact with your Loan Originator
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Review your Final Closing Disclosure to verify terms, closing costs.
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Schedule your closing
Conventional Conforming Loan Limit (2023)
As of April, 2023 the max loan amount allowed for a standard area Conventional Conforming Loan limits for a One-Unit Home is $726,200, 2 Unit Home is $929,850, 3 Unit Home is $1,123,900 and 4 Unit Home is $1,396,800.
When the new loan amount exceeds the Conventional Loan limit for the county the property is located in, then the loan request will be considered for Jumbo loans underwriting guidelines.
However, in high cost areas, there are Conventional loans known as Super Conforming. These programs offer higher than average loan limits as determined by the average cost of a home in that area.
To check loan limits in your area, please give us a call and one of our licensed loan officers will be more than happy to assist and answer any questions you may have.