There are many different ways to tap into the equity of your home. We're going to break it down for you today, whether you have VA, FHA, or conventional financing. We'll also tell you how to cash into your equity without having to refinance.
First, let's talk about cashing out with a VA loan. A huge advantage of having a VA loan is that you are able to cash out up to 100% of your equity without having to pay taxes on it.
If you're self-employed, it doesn't matter what type of loan you had in the past. With the new loans we have available, we can use your bank statements to qualify instead of having to use your tax returns. This lets you tap into that equity. You used to have to wait to cash out on that equity until you sell, but today we can help you cash out up to 90% loan-to-value.
"VA homebuyers can cash out up to 100% of their equity."
There are a lot of things you can do with an FHA loan. Once you start to build equity, you can get rid of mortgage insurance by tapping into it. Even though you are increasing your loan amount by cashing out, you are reducing your payment by removing the mortgage insurance. At the end of the day, even though you're cashing out, you'll end up saving money on your payment.
Finally, our bonus tip. How can you tap into the equity of your home and cash out without refinancing? The answer is simple. Take a home equity line of credit, or HELOC, out on your property. If you have a really good rate, you don't even have to touch that loan. You can get a HELOC for whatever amount you need while keeping your loan payment.
The decision of whether to refinance or get a second mortgage depends on a number of factors, including your rate and your credit, but the best thing for you to do to start the process is message me. If you have any questions for me, don't hesitate to give me a call or send me an email. I look forward to hearing from you soon.