Need cash now? You might already have it in your home

Let’s face it, there’s never a moment when we couldn’t use some extra cash. But in tumultuous and uncertain economic times like these, the need for quick money to cover bills and other expenses can be particularly sudden and urgent. When your income doesn’t cut it, you need another way to make ends meet.

Fortunately for many people, there is another source for cash flow, one that you’ve worked hard for years to build up yourself—the equity you have in your home.

A cash-out refinance of your home can put your home loan to work for you. It works by replacing your current mortgage with a new loan for more than you owe. You can then receive the difference between the new amount borrowed and the old loan balance—the equity you have put into your home—in cash at closing.

The loan officers at Equity Direct Financial have extensive knowledge, expertise, and experience in the Bay Area market. They are on top of the latest conditions and changes in the mortgage industry and have been helping many customers for years. Equity Direct Financial is one of a handful of lenders in the U.S. to offer cash-out refinance options to people with little or no income. In addition, you could be only one day out of bankruptcy and still be eligible to qualify. Equity Direct Financial says that now might be an ideal time to consider a cash-out refinance.

The last point about LTV is the key to maximizing your return on a cash-out refinance. Your loan-to-value ratio is the ratio of the amount left on your mortgage to the appraised property value of your house. For example, if you currently owe $200,000 on a home that has been appraised at $500,000, your LTV is 40% ($200,000/$500,000). That means you have $300,000 in equity in the home, a portion of which you could take out in a refinance.

The more your house is worth, the more money you can get.

But everyone’s situation is unique, and the market and rates are always shifting. If you’d like to find out if a cash-out refinance is right for you, you can get more information or a quote in 30 seconds at Equity Direct Financial can also offer jumbo loans, conventional loans, hard-money loans, bank-statement loans, other types of refinancing, and more. 

Home Equity Loans