These loans can be a conforming or jumbo loan. If there is a loan currently for the property, then amount of the cashout can not exceed the difference between the current loan amount and 80% of the appraised value of the property. The cashout amount will be reduced by the cost of escrows (if escrows are not collected) and the closing costs.
Fix Terms
15yr fixed, there are 180 payments at a fixed P&I rate.
30yr fixed, there are 360 payments at a fixed P&I rate.
Please call to discuss in further detail.