Jumbo Cash-Out Refinance

Get Pre-Qualified Today & Shop with Confidence!

Jumbo Cash-Out Refinance

Get Pre-Qualified Today
& Shop with Confidence!

The Lowdown on
Jumbo Cash-Out…

Want to get cash out with a Jumbo loan? If you have enough equity in your home, a Jumbo cash out refinance can provide a good source of funds to use for just about any purpose.

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2019, the limit is $484,350 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $726,525. Rates may be a bit higher on jumbo loans because lenders generally have a higher risk.

The Lowdown on
Jumbo Cash-Out…

Want to get cash out with a Jumbo loan? If you have enough equity in your home, a Jumbo cash out refinance can provide a good source of funds to use for just about any purpose.

A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2019, the limit is $484,350 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $726,525. Rates may be a bit higher on jumbo loans because lenders generally have a higher risk.

Our Jumbo Cash-Out Rates Are Low & Our Process is Quick

Ultimately, lenders set their own approval standards for refinancing jumbo loans. Those loans do not meet the criteria to go through Fannie Mae or Freddie Mac, so “conforming” loan requirements do not apply.

If you face a higher interest rate, contact one of our Elite Mortgage Officers to discuss your options. Jumbo loan balances can generate meaningful interest costs, and a slight rate increase might not be worth it.

Our Jumbo Cash-Out
Rates Are Low &
Our Process is Quick

Ultimately, lenders set their own approval standards for refinancing jumbo loans. Those loans do not meet the criteria to go through Fannie Mae or Freddie Mac, so “conforming” loan requirements do not apply.

If you face a higher interest rate, contact one of our Elite Mortgage Officers to discuss your options. Jumbo loan balances can generate meaningful interest costs, and a slight rate increase might not be worth it.

What is required for a Jumbo Cash-Out?

Refinancing a jumbo loan can benefit you in several ways.

Save money: A slightly lower interest rate on a large loan can bring significant savings. Even a quarter-point drop can save several thousand dollars per year in interest charges and improved cash flow.

Cash Out: If you’ve built equity in your property through payments or price appreciation, you may be able to take cash out during refinancing. However, that strategy reduces your equity and puts you at risk if the property loses value. Plus, you restart the clock (and interest charges) with a brand-new loan. An alternative approach is to use a second mortgage to take cash out.

Get a better loan: Refinancing can also open the door to a better loan. For example, if you have an adjustable-rate mortgage and you’re concerned about higher interest rates, you can refinance into a fixed-rate loan. Likewise, getting a shorter-term loan could provide an even lower interest rate, helping you minimize interest costs. If a consumer refinances their existing loan, the consumer’s total finance charges may be higher over the life of the loan.

Because a jumbo loan is designed for those who wouldn’t necessarily qualify for a conventional loan, borrowers will likely need a higher credit score to qualify since the risk is higher on the part of the lender with no guarantee provided by Fannie Mae or Freddie Mac.

Jumbo loans are available for primary residences, vacation homes, or investment properties. 

  • Loan amount may exceed the traditional loan limit of $510,400, or up to $765,600 in some areas
  • Ratios: You can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms
  • Flexible terms: Valor Home Mortgage offers several loan terms based on your goals and qualifications
  • You will need to demonstrate that you have enough cash on hand to cover your payments depending on the size of the loan.  You should expect to offer proof by way of pay stubs and two years’ worth of W2 forms and 1099s. 
  • You will also need demonstrable liquid assets as reserves to qualify for a jumbo loan equal to six months of mortgage payments.

What’s required for a
Jumbo Cash-Out?

Refinancing a jumbo loan can benefit you in several ways.

Save money: A slightly lower interest rate on a large loan can bring significant savings. Even a quarter-point drop can save several thousand dollars per year in interest charges and improved cash flow.

Cash Out: If you’ve built equity in your property through payments or price appreciation, you may be able to take cash out during refinancing. However, that strategy reduces your equity and puts you at risk if the property loses value. Plus, you restart the clock (and interest charges) with a brand-new loan. An alternative approach is to use a second mortgage to take cash out.

Get a better loan: Refinancing can also open the door to a better loan. For example, if you have an adjustable-rate mortgage and you’re concerned about higher interest rates, you can refinance into a fixed-rate loan. Likewise, getting a shorter-term loan could provide an even lower interest rate, helping you minimize interest costs.

Because a jumbo loan is designed for those who wouldn’t necessarily qualify for a conventional loan, borrowers will likely need a higher credit score to qualify since the risk is higher on the part of the lender with no guarantee provided by Fannie Mae or Freddie Mac.

Jumbo loans are available for primary residences, vacation homes, or investment properties.

  • Loan amount may exceed the traditional loan limit of $510,400, or up to $765,600 in some areas
  • Ratios: You can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms
  • Flexible terms: Valor Home Mortgage offers several loan terms based on your goals and qualifications
  • You will need to demonstrate that you have enough cash on hand to cover your payments depending on the size of the loan.  You should expect to offer proof by way of pay stubs and two years’ worth of W2 forms and 1099s.
  • You will also need demonstrable liquid assets as reserves to qualify for a jumbo loan equal to six months of mortgage payments.

The Jumbo Cash-Out Process

Here’s how our home loan process works:

  • Complete our simple Jumbo Cash-Out Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the mortgage loan offer that best fits your needs

If purchasing a home, you can now start shopping with confidence with an Elite Realtor to find your perfect home.

The Jumbo
Cash-Out Process

Here’s how our home loan process works:

  • Complete our simple Jumbo Cash-Out Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the mortgage loan offer that best fits your needs

If purchasing a home, you can now start shopping with confidence with an Elite Realtor to find your perfect home.

Get Your FREE Loan Quote Now!

Get Your FREE
Loan Quote Now!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

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