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.
