Booyah Mortgage Cash Out Refinance and VA Loan
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. This is not to be confused with a home equity loan; a VA cash-out refinance replaces your current mortgage, whereas a home equity loan is an entirely separate loan.
Cash out refinancing is fairly straightforward. For example, if a home is appraised at $100,000 and the borrower’s outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 for the borrowers to use for other purposes.
What are the benefits?
By cashing out on your home with Booyah Mortgage, you may be able to obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction may also provide you with a better mortgage loan interest rate that may save on your monthly mortgage payments during the loan, and it’s tax-deductible (please consult with a tax professional about your specific situation and the tax savings benefit).
Many homeowners also use cash from their home equity to pay for:
- College or higher-level education expenses
- Major or minor home repairs
- Remodeling or home improvement
- Emergency expenses
- Paying off high-interest credit card debt
- Debt consolidation
Borrowers aren’t required to have a current VA loan to do this; they can switch from an FHA or any other conventional loan. The VA will guarantee cash-out refinancing of up to 100% of your home’s appraised value. Any closing costs and funding fees can be rolled up into the loan amount. And like any VA Loan, a cash-out refinance follows the same standard VA Loan underwriting and credit processes.
How can we help?
If you are looking for this type of refinancing, Booyah Mortgage can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes with low and affordable rates.
Booyah VA Mortgage Florida service areas include: Brevard, Clear Water, Duval, Jacksonville, Fort Walton Beach, Key West, Lake Mary, Lynn Haven, Mary Esther, Miami, Miami Beach, Milton, Orlando, Panama City, Panama City Beach, Pensacola, Starke, Tallahassee, Tampa, Valparaiso, West Palm Beach, and surrounding areas.
Booyah VA Mortgage South Carolina service areas include: Beaufort, Columbia, Goose Creek, North Charleston, Port Royal, Sumter, and surrounding areas.