No Equity Home Loans, HELOCs and Cash Out Refinance Loans
One of the most popular questions that we get asked is "Can I refinance my mortgage to to get cash out, eventhough, I have no equity in my home?" The answer is "yes".
APPLY Now by completing our quick and easy application form. A good FICO credit score of 640 & above, quality.
No Equity Home Loans, No Equity Refinance Loans, No Equity HELOCs and No Cash Out Refinance Loans are offered in all 50 states including:
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If you have bad credit or a low credit score below 600 - Click Here to complete a fast and easy bad credit no equity loan application. Similar products will be offered to meet your needs.
No Equity Loans allow you to take up to $50,000 cash out of your home, even if, you have no home equity. Example: Your house is worth $95,000. Your mortgage is $100,000. You can get a 125% No Equity Loan to get $30,000 out of your home: (($100,000 * 125%)) - $95,000).
Interest Rates
15 Year & 30 Year Fixed Interest Rates retain the same principal and interest over their lifetime. They usually have slightly higher interest rates than Adjustable Rate Mortgage (ARM).
Conforming VS. Jumbo Loans:
A conforming loan is a mortgage below $417,000. They tend to have lower interest rates than non-conforming loans or "Jumbo Loans" (loans above $417,000.)
Adjustable Rate Mortage (ARM)
Adjustable rate loans (e.g. 5/1 ARM, 7/1 ARM) have the same interest rate & principal for a period of time and then they adjust. For example, a 5/1 ARM will have same interest rate for 5 years and then adjust yearly. They have lower interest rates than fixed mortgage loans. They are best suited to consumers, who plan to sell their homes in 3, 5 or 7 years.