Cash Out up to 95% of Your Home’s Value
We help you to unlock your home equity to receive the maximum amount of cash to achieve your financial goals.
Don't Work With the Wrong Lender
Are you trying to access the equity in your home, but lenders are saying you can only get a loan up to 80% of the home’s value? If you have equity in your home, but lenders are restricting the amount of cash out you can receive, it’s easy to get frustrated and discouraged.
If you don't receive enough cash out, you might not be able to:
UNLIMITED CASH OUT
Some big banks will limit the amount of cash out to $250k or $500k. We do not limit how much cash you can receive up to the program LTV requirements.
UP TO 95% FINANCING
Unlock your home equity with up to 95% total financing with a cash out refinance plus a post-closing equity line.
MORE WAYS TO QUALIFY
We have several programs that do not require tax returns so you can get approved and close on your cash out refinance loan.
What Our Clients Have to Say:
"Being a business owner, I was concerned that I would not qualify for a mortgage because of my tax returns. Scott Appelbaum and his team were incredibly fast and got us closed 21 days from the day we spoke. If I knew a business owner like myself in need of a mortgage, I would highly recommend your company!"
Brandy and Brian D.
“I was worried about getting my loan closed because my prior lender dropped the ball two weeks before closing, causing me to lose the house. Scott Appelbaum closely guided us through the entire loan process and anticipated what we would need to provide upfront, which gave us confidence when submitting to underwriting. In addition to providing me with amazing customer service, he was able to get me approved and purchase our dream home. I highly recommend Scott Appelbaum and no one else but his team; they are beyond the best!”
"I am a self-employed individual with varying ownership stakes in several companies. In addition to my complex tax returns, I had a small closing window and my building’s lender started changing my qualifying requirements on my $1.5M purchase 45 days prior to closing on my dream home. After thoroughly reviewing my business cash flow statements, you were able to make sense of it and ensure a smooth underwriting process. The open line of communication was key to me. I had a lot on the line and knowing that I wasn’t being put off really helped reassure me that everything was going to work out. Working with Scott Appelbaum was the best decision. Transparency was so important during this process and you always give it straight!"
Self-Employed Jumbo Borrower
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Schedule a Consultation
Speak with one of our experienced loan officers who will understand your goals and help create a plan.
Know Your Options
Discover what options are available to you and have confidence knowing your income has been reviewed up front.
Close Your Loan
Relax as we guide you through a stress-free loan process so you can close on time.
What is a cash-out refinance?
A cash out refinance is a home loan that replaces your existing mortgage with a loan that is larger than what you currently owe on your home. The difference will be paid directly to you in cash which you can use for home improvements, debt consolidation, investments, or other purposes. The rates and terms on your new mortgage will be re-negotiated during closing.
Is cash-out refinance taxable?
No. The cash that you take out during a cash-out refinance is not considered as income, so you will not need to pay taxes on it.
What are the benefits of a cash-out refinance?
Here are a few of the potential benefits:
- Get lower interest rate than your current mortgage
- You can use the cash however you want
- No maximum amount of cash out
- Interest may be tax deductible
- It could eliminate high-interest debt
- You could increase your home’s value with home improvement
- Can save you thousands of dollars in interest over time
Who is a good candidate for a cash-out refinance?
A cash-out refinance can offer a lot of financial benefits. Here are some of the most common scenarios in which a cash-out refinance is a good option:
- Pay For College: A low interest 15-30 year mortgage can be a good option for someone who needs to pay for higher education, especially when compared to high interest student loans with shorter terms. There are a few factors to consider so be sure to consult with a loan officer first.
- Home improvements or renovations: If you’re looking to make some upgrades to your property, a cash-out refinance can be used to cover those costs.
- Secure a lower interest rate: If you have any monthly bills that carry a high interest rate, that may cost you thousands of dollars of interest over time. The interest rate on your cash-out refinance will generally be lower than the rate on high-interest debt like credit cards. You can use your home equity to pay off your debt and save money on interest over time.
- Debt consolidation: Making multiple payments each month can be challenging. You can use a cash-out refinance to pay off student loans, auto loans, or other debts and streamline your payments into one convenient sum, and save money on your monthly payments.
- Investments and savings: Freeing up cash to put toward retirement or other savings accounts can be a smart financial move, especially if you are transferring money to an account with compounding interest.
Is there a limit to how much you can cash-out?
Most banks will restrict you to 80% of the value of the home, we go to 85%.
We provide a post-closing HELOC for another 10%, which brings total up to 95%
Some banks will limit you to 250k-500k, especially on jumbo loans. We don’t have a limit, including on Jumbo loans.
Can I get a no doc refinance?
Yes, at LoanBud we offer no doc refinances using only bank statements and allow you to take cash out up to 85% of the value of the property.
Can I see an example of a cash-out refinance?
Let’s say that you need $60,000 to do a large renovation on your home that you purchased for $500,000. Let’s also say that: You put $50,000 down initially. You have paid off an additional $50,000 by making monthly payments. Currently, you owe $400,000 on your home, which means that you have 20% equity. In order to secure the $60,000 that you need for your renovations, you can do a cash-out refinance and take out a $460,000 loan. The initial $400,000 will go toward paying off your first mortgage and the remaining $60,000 will go straight to your pocket. Now, your monthly payments will go toward paying down the principal balance and interest on the $460,000 that you borrowed.
Can I get a mortgage if I haven't filed a tax return?
Yes, if you are self-employed you can get a mortgage with unfiled tax returns. Since you are qualifying using 12 - 24 months of bank statements, and not using tax returns, we do not verify whether or not your tax returns have been filed.
Unlock More of Your Home Equity
Qualify using banks statements or 1099s instead of your tax returns so you can get approved and close on your home..
5% DOWN JUMBO LOANS
LoanBud Jumbo loans require as little as 5% down up to $2 million and as little as 10% down up to $5 million.