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When can I refinance and get cash out?

Published 9:01 am Monday, November 23, 2015

You must first determine if you have enough equity in your home. For your primary residence, it is a common guideline that the maximum load amount relative to the value of your home is 80 percent.

For example, if you owe $100,000 and your home is appraised for $200,000, you may be able to get approximately $60,000 in cash through refinancing.

For second homes or investment properties, the maximum loan-to-value is typically lower than 80 percent.

Consult your lender for specifics. If there’s not enough equity for a cash out refinance, a home equity line of credit might be the better solution.

– Ray Batalona, BECU Mortgage Advisor, 425-609-5481