Cash Out up to 95% of Your Home’s Value

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.

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.

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

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.

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.

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.

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.

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.