Cash out refinances do exactly that–they allow you to pull cash out of your home’s equity. The amount of cash you can withdraw is completely dependent upon the appraised value of your home. If you withdraw enough cash from your equity to where you will exceed an 80% LTV, you will need to pay mortgage insurance until your principal balance reaches 80% again. An 85% LTV is the highest limit for a conventional loan refi right now. Only a few lenders will go above 80%. I can do it. Call me. 🙂
You can also do a cash out refinance with an FHA loan as well.
A cash out refinance is fairly simple. How much cash do you need or want? Give me a call.