Colorado Cash Out Jumbo Loans

cash out jumbo loanNeed a cash out jumbo loan in Colorado?…. we can help.  When the rate market changes and a homeowner has the opportunity to refinance their mortgage at a lower rate, one way to refinance is with a cash-out loan. Cash-Out loans allow Colorado homeowners to refinance their mortgages at a lower rate AND to take cash out from the home’s built up equity. A cash-out loan is a great option for Colorado residents who want to take advantage of a low-interest rate market while tapping into stored equity to pay off higher interest debt, reinvest in home improvements, or finance a child’s education. A cash-out loan works by refinancing your mortgage at a higher amount and lower rate than you currently have and keeping the difference.

For example, let’s say you have a $750,000 mortgage, of which you still owe $450,000, and the market is currently offering lower interest rates than what you locked-in. You want to capture a lower rate AND get $15,000 to send to Boulder for your child’s tuition. Using a Cash-Out Jumbo loan, you can refinance the mortgage for $465,000 to get a better rate on the $450,000 you owe on the house while pocketing the $15,000 for tuition expenses.

Jumbo Rates Colorado offers serval Cash-Out loan options for ‘Jumbo homeowners’, or individuals with mortgages of more than the conventional limit set by Fannie Mae and Freddie Mac. This limit is $510,400 for most U.S. resident, but, due to the higher average home prices of some Colorado regions, can be up to $636,150. The FHA loan-to-value (LTV) requirements limit Colorado residents to cashing out on up to 85% of their stored equity using a Jumbo Cash-Out loan. Additionally, although Cash-Out Jumbo loans do require homeowners to pay closing costs, there is the option to roll these costs into the new mortgage to minimize the out-of-pocket expenses associated with refinancing.

To get a quote for a Colorado Cash-Out Jumbo loan or cash out conventional loan, either fixed or an adjustable-rate-mortgage (ARM), please click “Get Started” or call us at 877-416-3471. We would love the opportunity to help you save money and choose

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