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Jumbo Cash Out Refinance
Are you considering accessing the equity in your home? Jumbo Cash Out Refinance offers homeowners exceptional low interest rates, without the loan limitations of a Conventional Cash Out loan or the additional cost of mortgage insurance.
EquiFund's automation generates mortgage loans that are 1% lower than most all lenders and banks, guaranteed.
Jumbo loans are underwritten and approved in accordance with each lenders underwriting guidelines.
Benefits of refinancing with a Jumbo Loan:
- No monthly mortgage insurance
- Credit scores greater than 660
- Low interest rates
- Borrow up to 90% of homes value
- Adjustable and Fixed Rates
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.
Jumbo Cash Out Refinance Requirements:
Available Loan Terms: 30, 25, 20, 15 and 10 year fixed and adjustable rate loan options
- Primary Residence, Second Home and Investment
- Single, Condo, Manufactured, Multi-family
- Borrow up to 90% of homes value for Primary
- Lower Rate & Better Terms
- 660 Minimum Credit Score
- Debt-to-Income ratio less than 50%
5 Steps to Getting a Jumbo Cash Out Refinance online:
EquiFund Mortgage offers an online mortgage marketplace 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 Jumbo 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
Jumbo Loan Limit
As of April, 2023 the max loan amount allowed for a Jumbo Mortgage loan limit is $ 2,500,000. If your loan amount exceeds the limit it is still possible to receive a loan approval.