cash out mortgage

 

A cash-out refinance is a mortgage which exceeds the homeowners payoff in order to consolidate debt(credit cards, car loans) or get cash back at closing. On average, a cash-out loan can save a homeowner between $400-$1,000 per month if the funds are used towards paying off debt. The homeowner also has the option of just getting a lump sum at closing. We offer Conventional, FHA and VA cash-out programs in Colorado. Below is a simple example of how a $20,000 cash-out loan works.

 

$175,000 Current Mortgage
30 year fixed loan w/4.25% interest rate

$836 Mortgage Payment(Excludes property taxes, insurance, HOA, etc)

 

$195,000 NEW Mortgage
30 year fixed loan w/4.25% interest rate

$938 Mortgage Payment(Excludes property taxes, insurance, HOA, etc)
$20,000 cash back at closing

 

Colorado conventional cash out mortgage

 

A conventional cash-out loan allows you to get cash out of your home plus avoids monthly mortgage insurance at the same time. This loan is typically a little more difficult to qualify for than FHA loans.

 

» Borrow up to 80% of your home’s value.
» No Mortgage Insurance
» 30/15 year Fixed Loans
» Very Competitive Interest Rates
» No Closing Costs Option Available

 

**If you currently have an FHA loan and you’re interested in removing your mortgage insurance, by refinancing into a conventional loan and removing your FHA mortgage insurance, you can pull cash and keep your monthly payment the same or possibly even lower**

 

Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, and PUD’s.

 

Colorado FHA cash out mortgage

 

An FHA cash-out mortgage will allow you to borrow up to 85% of your home’s value. FHA offers much more lenient underwriting so if you have a low credit score or a unique financial situation, please contact us for a no cost consultation.

 

» 30/15 Year Fixed Loans
» Pay Off Credit Cards, Car Loans, Student Loans, Etc.
» Credit Score Down to 560

» Flexible underwriting/Easier to qualify
» Low Rates
» No Closing Costs Option Available

» Borrow up to 85% of your home’s value.

 

Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, PUD and manufactured homes.

 

 

Colorado VA cash out mortgage

 

Use your VA mortgage to borrow up to 100% of your home’s equity. Get cash at closing or pay off debt. Avoid monthly mortgage insurance and take advantage of incredible VA rates.

 

» 100% Cash-Out(borrow up to 100% of home’s value)
» Only 620 Credit Score Required
» Unlimited Cash Back at Closing up to $417,000 Loan Amount

» No Closing Costs Option Available
» 30/15 Year Fixed Loan

 

Eligible Properties: Single Family Residence, Townhouse, Condo, Duplex, PUD and manufactured homes.


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