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WHEN REFINACING A FHA LOAN TO A CONVENTIONAL LOAN ARE YOU ABLE TO PULL CASH FROM THE EQUITY IN THE HOUSE AS PART OF THE REFINACING ..?

by jsmith5434620 from , California. Nov 13th 2013 Reply


Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

You can obtain cash out as long as you have sufficient equity to do so. An appraisal will be ordered by the lender and that will determine the amount of equity you have in the property. Keep in mind that you won't be able to take out 100% of the equity. Generally, you can go up to 80% of the value of the home.

Nov 13th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes you can pull cash out on a Conventional loan up to 85% loan to value. Give me a call and we can go over your options. 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Nov 13th 2013
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Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions

Yes you can if there is enough equity for a cash out refinance.

Nov 13th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#13 ranked lender in New Hampshire - 31 contributions

Thank you, As you can see from other comments pulling money from the equity is possible if the value is there. However, you may want to reconsider FHA to Conventional if you have a strong appraisal, pull cash out and/or add an equity loan to your home.. This option will remove PMI again if the value is in your home.Please contact me @ chris.caporiccio@wellsfargo.comThank you

Nov 13th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

As long as you have the equity to do so, then you can obtain cash from your home. We are a lender located in San Diego - we can help you determine how much cash you are eligible for with a cash-out refinance. Call us at 858-605-0952 to discuss your options at no obligation!

Nov 13th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

So long as you have sufficient equity, then yes.. most lenders will only allow for cash out refi's to 85%. If your homes value supports it, you can take out cash, but understand that it's a different loan product with a greater risk for the lender, so they will usually charge a higher rate for this loan product.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 13th 2013
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