Cash out Refinances are Back


CASH-OUT IS BACK: Updated 02/13/2013. The comeback of cash out refinances has begun again. You may have equity!! Cash out refinances can be done with 20% equity and home lines of credit can be done with as little as 10% equity.

Las Vegas has seen a very recent property value increase of up to 15% due to the very low inventory and the multitude of buyers and investors buying up what little inventory we have.

This gives many an opportunity to get some cash and build a pool, or take a nice vacation. Whatevery your desire, you just might be able to do that now, You can always call me for Free to see what I think the approximate value of your house might be. Beth Contact me for a FREE valuation of your home Allure Realty Group LLC and creator of this website.

If you just happen to be hurting for cash and decide to sell, homes are selling quickly now with very low inventory and lots of buyers right now, so Contact me for a Free consulation, even if you think you might need a short sale. Unlike attorney's I charge you nothing if you have to go this route.

On a cash out refi however, you may or may not have fees, but make sure to compare banks, here is a great site for comparing rates and loan contacts

If you are struggling financially and need options, you can also visit this FREE site and click on Explore Programs.

Check rates and types of loans available if your credit is still ok and you just need some cash out or a HELOC which is a home equity line of credit to help you out. - Contributed by Elizabeth Hammack

QnA: Good question asked this week:

“I’m buying an REO property. The carpet is a disaster and the landscaping needs a lot of work. I want to replace it. The seller is willing to give me a credit for this. Can I roll this into my loan?”

A: Yes. We now allow escrow holdbacks on REO properties and you don’t have to do an FHA 203k loan.

· Must put down at least 10%.

· One unit, owner-occupied, primary residences only.

Examples of improvements/repairs eligible for escrow include, but are not limited to:

· Landscaping

· Shutters

· Unfinished bathroom (providing there is at least one fully functional bathroom)

Floor coverings



Q: “I’m looking at quotes from a few lenders. My loan amount is $120,000. One has a “point,” the other doesn’t. What’s a point?”

A: A point, also known as a discount point, is a fee used to buy-down the interest rate. One point represents one percent of the loan amount. On your loan, of $120,000 loan, one point is $1,200. One discount point generally lowers the rate about .25%. If a rate with no points is 4.25%, it’s probably 4.00% with one point.

The difference between a 4.00% rate and a 4.25% rate on a $120,000 loan is about $18 per month. It will take you about 67 months to pay yourself back for this point but you will also save around $6,500, in mortgage payments, over the life of a 30-year loan.

***Ask me about my team’s 30-day close guarantee, or we will lower your rate before close***

Have a great week!

Helpful Link:

Live in LV Short Sale info Page

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