Cash out refinance

Looking for companies that will refinance with cash out up to 85-90% of the home value. Spoke to US Bank and they cap at 80%. I’d rather not call a bunch of companies only to have them email, text, call every 5 minutes after I find out they can’t help me.

I would assume they are capping at 80% because over that you need to pay PMI with them. You could probably do an 80% refi and then get a small HELOC for the additional amount.

Is the home a primary or an investment property?

Cypress said:
Is the home a primary or an investment property?

My company offers a fixed-rate HELOC that can go up to 90% CLTV on a primary residence.

Cypress said:

Cypress said:
Is the home a primary or an investment property?

My company offers a fixed-rate HELOC that can go up to 90% CLTV on a primary residence.

I already have a HELOC that I’m trying to pay off with the cash-out refinance.

@Pip
You can refinance the HELOC and take cash out.

HELOC is your only option unless you get a hard money loan that will lend on a primary residence. Then you can immediately complete a conventional rate and term refinance.

What’s your first mortgage interest rate?

Marin said:
What’s your first mortgage interest rate?

6.75.

Pip said:

Marin said:
What’s your first mortgage interest rate?

6.75.

Conventional and FHA loans will be capped at 80% loan to value with cash out regardless of the lender. With good credit, you can usually go up to 90% loan to value on home equity loans. These rates will be higher, but you can usually borrow about $50K for $400-500 per month.