How much can you get?

By June 20, 2019No Comments

Coming at you with more information on refinance

So, the question I get asked a lot is “Hey Scott, How much money can I get?”

Well, it depends a lot on programs and also on also what you are trying to do.


There are two types of refinancing there’s

Rate Term Refi and Cash Out Refi

A Rate Term Refi, we are not putting any money in your pocket

we are changing your rate or your term.

Going from a 30 to a 15 or from a 15 to a 30

Rate Term Refis we can actually lend up to 97% of the home’s value.


On a Cash Out Refi it gets a little dicey or more conservative..

So, FHA, Conventional generally can go up to 85% of the value of your home

If you are a Veteran and you are eligible for a VA loan

You can do a cash out refi up to 100% of the value of your home,

that is how much you can get.


Let’s say you are $100K on your house and your house is worth $200K

85% of $200K is a $170K we have got to subtract out some closing costs

You can probably put some around $60K-$65K in your pocket

That’s how it works


Give me a call, let me know what your situation is

I’ll run the numbers for you,

I’m Scott DiGregorio, Your Mortgage Guy

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I’m always here to help, take care.


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