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July 8, 2014

In the 90’s cash out refinancing was all the rave.  As home were escalating in value every day people began to use the equity in their home as their own personal ATM machine. Since the crash of 2008, however, millions of homes have lost their value causing the cash out refinance to all but disappear.   Surprisingly, in the past year and a half or so the housing market has begun to stabilize and home values are beginning to rise again leading to many banks to start offering cash out options again.

If you are unfamiliar with a Cash Out Refinance, it is simply a loan taken out against the equity in a home. Equity is the value of the actual ownership you have in the house, whether it be from paying down the principal of the loan or from having the home gain value exceeding the loan the amount.  In the 90’s as home values were steadily rising, many lenders allowed borrowers to take a loan out on all the equity accumulated on the home, assuming that even if the loan was unpaid the home would be even more valuable later on even in the event of foreclosure.  As the job market crashed and homes began to drop in value millions were unable to pay their mortgages and their home equity loans causing the greatest amount of foreclosures in American history.

Now, we are at a time where homes are slowly beginning to climb in value.  This means people are finally starting to gain equity again with lenders and borrowers taking notice.  This time, however, with new regulation and hindsight, banks are becoming much smarter.  While you may  still be able to get a loan against your equity, gone are the days of 100%.  Now you will only be able to get a certain percentage of cash back from your home.  Also, in applying to take cash out from your home your credit score will be a much larger factor.  You will most likely need a score above 720 and have a steady stable income.

If you are someone in a situation where you are looking to take some cash out, whether it be to pay off debt, or home repairs, pay for college tuition, etc you must make sure you have a great credit score first.  If you know that you need credit please look on our website through our companies page to find the best one to suit your needs.


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