Today we're talking about a few different ways that you can tap into the equity in your home. I hear from clients all the time who aren't getting much help from Wells Fargo, Citi Bank, and other large financial institutions. These companies tend to be much more strict when it comes to how and when you can cash out on your home's equity. Their guidelines are pretty vanilla.

What options do you have if you don't want to go through them, but you do want to tap into the equity in your home? The most straightforward way is through an FHA, VA, or conventional loan.

"Unless your FICO score is above 680, I wouldn't recommend cashing out via a conventional loan."

With an FHA loan, you can qualify for a refinance with just a 550 FICO score and get a killer rate while you're at it. This goes against traditional thinking, but with rates being extremely low right now, this is an option that makes sense for a lot of people.

With a cash-out refinance, you can not only bring your interest rate down, but you can bring your monthly payment down, too, all while getting cash out to pay off some other debts.

Conventional loans, on the other hand, are credit-driven. Unless you have a FICO score of 680 or above, I wouldn't recommend it. However, if you do have a good score and a low loan-to-value, this is a good option as well.

If you're a military member, you can also utilize the VA loan. You can get a cash-out refinance all the way up to the value of your home.

These are just a few of the ways to do a cash-out refinance. In my next video, I'll cover some other options, including HELOCs, second mortgages, and private money.

If you have any questions for me, feel free to reach out via phone or email. I look forward to hearing from you.