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Minimum credit score of 580: Some lenders may require a credit score of as high as 620, which is the standard minimum for a Conventional loan. As with all loans, the higher your credit score is the better. A higher credit score may be able to get you more favorable terms and conditions to your loan.
A maximum debt-to-income ratio of 50%: A person’s debt-to-income (DTI) ratio is the percentage of their gross monthly income they spend to cover debts. Debts can include student loans, credit cards, and any type of federal debt. Having a low DTI is also important in finding low mortgage rates. If your DTI exceeds 43%, it could be difficult to qualify for certain types of Cash-Out refinance loans. However, there are exceptions to this, so make sure to check with your lender.
Many lenders will require you to have at least 20% equity in your home: You will need to have enough equity in your home in order to qualify for a Cash-Out Refinance. Ex. If your home is worth $250,000 and you owe $150,000, then you have $100,000 in equity built up in your home. Be aware that normally you will not be able to take out 100% of your home’s equity; instead, you will be limited to between 80-90%. So make sure you have enough equity that a Cash-Out Refi will cover what you need.
A home appraisal: Most lenders will require an appraisal of your home before you can qualify for a Cash-Out Refinance.
Interest rate start at 6.8
Minimum FICO of 650
MAX loan to ARV 75%
No prior experience required
No tax returns required
12 month term with no prepayment penalty
1) The last 6 months of bank statements
2) Last years tax return
3) A picture of a voided check and ID
Most loans close within 2-4 weeks.
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