A Cash-Out Refinance is a refinancing of an existing mortgage loan where the new loan is larger than the existing loan. The difference between the loans is paid out to the homeowner in cash. Cash-Out Refinance Loans do require homeowners to pay closing costs and interest.
Typical Items Needed for a Cash-Out Refinance:
- Loan Application
- Borrower Authorization
- Bank Statements
- Picture ID
- Loan Submission Form
- Home Owners Insurance
- Certificate of Business Purpose
- Mortgage Statement for Payoff Information
If Property is Leased/Rented:
- Lease agreement
If Corporation:
- Articles of Incorporation
- Bylaws
- Statement of Information
- Form W9
If LLC:
- Articles of Organization
- Statement of Information
- Form W9
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