Colorado Cash Out Refinance

Now Offering Up to 95% Loan to Value On Colorado Cash Out Loans!

What is Cash Out Refinancing?

Let’s start with a basic definition: A cash out refinance is simply a mortgage refinance in which you take equity out of your home in the form of cash. In other words, you refinance at current interest rates and get cash back, reducing the amount of equity you have in your home.

You can use the cash you get back for any purpose, such as debt consolidation, home improvements and repairs, or investments. While it does add to the amount you owe on your mortgage, refinancing is a good way to get long term financing at a very low interest rate.

Cash Out Refinancing – An Example

Bob and Susan owe $100,000 on the mortgage on their house, which is worth $200,000. This means that they have $100,000 – or 50% – equity.  They want to spend $32,000 to convert some attic space to an extra bedroom, and they have $8,000 in high interest rate credit card debt.  They can refinance the $100,000 they owe on their home at a competitive interest rate, and they can  take $40,000 in “cash out” of their current equity at that time.  When the loan closes, they will have a new mortgage for $140,000, and they will take away $40,000 in cash that they can use to pay off their credit card debt and add a bedroom to their home.  They will still have $60,000 – or 30% – equity in their home.

How much cash can I take out of my home when I refinance in Colorado?

Many lenders in Colorado require you to leave 10% or even 20% equity in your home when you refinance.  We disagree – we feel that you should be able to access as much of your home equity as possible when you refinance.  Simply put, we offer one of the most aggressive cash-out refinance loan programs in Colorado.  With our program, you only need to leave 5% equity in your home.  We also offer unlimited cash back, up to $1.5 million cash-in-hand from closing, with a 95% LTV cash out, no mortgage insurance, and a term of up to 40 years for qualified borrowers.  Below, you’ll find some details on our program*:

  • Up to a 40-year fixed term
  • Up to 95% LTV with no mortgage insurance
  • 95% cash out up to $1.5M – leave just 5% equity in your home!
  • Primary residence only

  *Loan program terms subject to change. Not all programs are available to all borrowers. Contact us for more information about cash-out loan program details.

Securing a cash out loan in Colorado

We are frequently asked, “Can I get a cash-out loan in Colorado?

This is the reason Hurst Lending & Insurance launched our Colorado Cash Out Loan division.  Colorado Cash Out Loans offers both conventional and jumbo cash out mortgages throughout the state of Colorado.  We offer fixed and adjustable rate cash out mortgages.  We have cash-out refinance programs for conventional loans (anything under $484,350 in Colorado),  jumbo loans ($484,350 and above in Colorado), investment property loans, and multi-family loans as well.

Get a Colorado Cash Out Loan to:

  • Consolidate debt
  • Purchase a new car
  • Buy a second home or investment property
  • Start a new business
  • Fund other dreams

When is the ‘right time’ to refinance?

In our blog post 4 Ways to Make Refinancing Work for YOU!, we explain how you as a homeowner can take advantage of refinancing opportunities. From lowering your monthly payments to paying less interest, there are a number of reasons why it’s smart to refinance. However, that still leaves the question of when to refinance. In this post, we’ll go over how to know the right time to start on refinancing your mortgage!

The best way to determine whether or not it’s time to refinance is to do some quick math. While refinancing at a lower rate can certainly save money over time, there are still fees associated with completing the process. So, we can illustrate the payback period with a quick equation like this:

(Fees associated with refinancing)/(Expected monthly savings) = Number of months to payback

In the equation above there are three components:

  •  Fees associated with refinancing: When refinancing, there are a number of costs that need to be covered ranging from inspection and appraisal to application and closing fees.
  • Expected monthly savings: This one is more or less self-explanatory. This is the difference between your current monthly payment and your monthly payment at the new, lower interest rate.
  • The number of months to payback: This is the number of months you’ll need to keep the home to break even on the refi.  If you don’t expect to be there longer than it takes to offset the cost of the refi, you’ll be wasting time and money, even at a lower interest rate!

To estimate your potential savings, click here to use a free refinancing calculator.

Our interest rates on conventional and jumbo Colorado cash-out refinance loans are very competitive. To get a quote for a cash-out jumbo loan or cash-out conventional loan, please click the button below or call us toll-free at 877-692-0563. We would love a chance to earn your business and help you save money on your loan.

Home equity image

What Is
Home Equity?

Home Equity Definition: Your equity in your home is the portion of its total value that you own, free and clear. You can calculate it by subtracting any liens (loans) on the property (mortgage, home equity loans, etc) from the current market value of your house.

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