Large ExpensesMany people use the cash from their home loan to cover a significant life expense. The funds you receive from your cash-out mortgage could help you fund anything from your children’s education to a down payment on another property.
Debt Consolidation LoansRefinancing can also help you improve your debt profile. With the lump sum you get in the refinancing process, you may be able to pay off high-interest debts and consolidate them into one loan.
Home ImprovementsPaying for renovations with the funds received through refinancing can both enhance your quality of life and, in the long run, raise the property value of your home.
As with most types of refinancing, you will need to meet some basic qualifications before moving forward with the process. With these qualifications in mind, one of our J.G. Wentworth home loan specialists will help you determine which loan option is best for you.
To be eligible for a cash-out loan, you need to have equity in your home. This requirement is represented by the loan-to-value (LTV) ratio, defined as the amount of your mortgage that you still owe divided by the appraised value of your home. Contact us to learn more about the recommended LTV ratio.
Although your credit plays a role in your home loan application, it is not the sole determinant of your eligibility. Certain loans will have different credit score requirements. Our home loan specialists can help you find an option that works for you.
As part of the loan application process, an appraiser will assess the value of the home. This evaluation helps to determine the amount of equity you have in your home.
Interested in learning more about refinancing? We provide helpful resources, like our mortgage FAQs, to help you make an informed decision. Additionally, you can contact J.G. Wentworth’s home loan specialists to ask any questions that you might have about the process.
If you’re ready to refinance your home and get cash, begin by getting a rate quote today.