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Educate Your Borrowers To Consider a Cash Out Refi

Now is a great time to educate your borrowers on the benefits of a cash out refinance. This loan allows your clients to refinance their current mortgage and tap into their home equity. Benefits potentially include a lower mortgage rate and using home equity to get long term financing for home improvements, education, a down payment for an investment property or funding a business. 
The Mortgage Bankers Association reports that rate and term refinance applications are decreasing each week so far in 2021. But you can use non-QM to keep your cash out pipeline full. Just work with a lender who has the right lending products to get it done. 

Cash Out Refinance Guidelines 

  • Up to 80% LTV with 700 credit score or up to 75% with a 660 credit score
  • Loans up to $3 million
  • Full doc or Bank Statement (business or personal account)
  • No Income Investor Cash Flow (ICF) for investment properties, up to 75% with a 700 credit score
  • Owner-occupied, 2nd home, or investment properties
  • Cash in hand $500,000 OO & 2nd Home and NOO $300,000

(These are Angel Oak guidelines, some states have different limitations.
Please discuss your specific state’s guidelines with your account executive.)

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