Get Cash
From Your Home
Tap Into Your Home Equity
You have choices.
Get Cash From Your Home
And Put Your Equity To Work For You
If you’re considering a cash out refinance to cover the cost of home improvements, credit card debt, or unexpected medical expenses, we at American Pacific Mortgage are here to help.
To get cash from your home, you can do a couple of things. You can get a home equity line of credit (Heloc), or you can refinance your mortgage and get extra cash at closing through a cash-out refinance.
What is home equity? Equity is your ownership in your home, or the difference between what your home is worth and what you owe on your mortgage.
You can build and increase the equity in your home in the following ways:
- The appreciation of your home’s value over time
- Renovations or improvements made that increase the value
- Cash provided for the original down payment (depending on value and market conditions)
- Additional payments made toward the principal balance of the mortgage
What can a cash out refinance be used for? Anything you want. Make improvements to your home, put money down on a second home or investment property, pay for school, take a vacation, purchase an automobile, fund your retirement … it is your cash, and you can do what you like with it!
A cash out loan with a low interest rate may be a better solution than high-interest credit cards if you have unexpected medical bills, unforeseen expenses, or surprise improvements that need to be made on your home.
How much cash can you get from your home? Our mortgage calculator can show you how much your monthly payments would be with a new loan or additional home equity line of credit. Apply online to get cash from your home today.
Wondering about your options? Our American Pacific Mortgage loan advisors can go over all of your refinance options to help you discover solutions that might work for you and your cash needs. We will show you the difference between a cash out refinance compared to a home equity line of credit so you can confidently choose the program for you. Find an advisor to show you how to get cash from your home and guide you through the refinance process.
CASH OUT OPTIONS
Cash Out Refinance
Refinance your existing mortgage and receive the cash equity from your home. A Fixed Rate term, will give you the peace of mind knowing that your rates and payments will remain the same throughout the life of your new loan. If rates drop lower in the future, you can always refinance to get a lower monthly payment.
Refinance with an Adjustable Rate for even lower interest and monthly payments for a determined period of time. If you have short term goals and want to maximize your available cash for the initial interest rate period, an Adjustable Rate may help you reach them.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) allows you to draw and pay interest only on an amount that you need. Instead of taking all your equity out at once, you can have a draw period of many years in which you can access your cash when you need it. A HELOC typically only requires an interest only payment during the draw period, making it a flexible tool when you want to borrow only the amount you need when you need it.
Home Equity Loan
A Home Equity Loan is a one time loan with a fixed interest rate and the same payments each month, paid off over a determined amount of time. When you know exactly how much you need for a one time purchase, bill, or repair, a Home Equity Loan can be a valuable tool to access a lump sum.
Let us help you find the home loan to reach your financial goals.
CONVENTIONAL MORTGAGE
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)
FHA MORTGAGE
A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.
JUMBO LOANS
Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)
REVERSE MORTGAGE
If you are 62 or older, leverage the equity on your primary residence.
USDA LOANS
A loan to fund your small town dreams of rural home ownership, with lenient down, income and credit requirements.
VA MORTGAGE
Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.
American Pacific Mortgage Programs
The Loan Process
1. |
Get Pre-Approved |
This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.
2. |
Select Your Loan Program |
Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
3. |
Loan Application |
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.
4. |
Processing and Underwriting |
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.
6. |
Close the Loan |
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
APM NMLS Consumer Access Link: https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1850
Copyright © 2022 American Pacific Mortgage Corporation | Privacy Policy | Contact Us | Legal/Licensing | Accessibility Statement
All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
808 134th St SW, Suite B205, Everett WA, 98204 | NMLS: 1062505
Equal Housing Opportunity