You’re Looking To Consolidate Debt or Pull Out Cash, So Why Choose BuildBuyRefi Over other Lenders?

We Provide Multiple Government-Backed & In-House Portfolio Cash-Out loan Programs In All 50 States, working 7 days a week around Your Schedule, Not Ours!

The 3 Cash-Out & Debt Consolidation Questions For An Easier Path To A Successful Loan Pre-Qualification.

Respond “YES” to Each Of the top 3 qualifiers, and you’re one step closer to getting the Hottest Cash-Out or Debt Consolidation home loan BuildBuyRefi.com has to offer.

Respond “NO” To Any Of These Statements, And You May Still Qualify!

(1). You don’t owe more than 100% of the value of your home.

We have a few programs that allow cash out up to 100% of the value of your home. If you believe you owe more or close to the current value of your home, applying for a cash-out loan and getting denied could work against you. However, there could be options that are available to you still. For example, if you wanted this cash-out to improve your home, repair appliances, make modifications or do some remodeling, we have programs that can still work for you.

You’ll want to check out our Renovation Loan programs instead of continuing your cash out or debt consolidation. If you aren’t entirely sure about your home's value, then you may want to contact one of our bankers to get a more accurate estimate of value before giving up your search. However, try to avoid applying at multiple institutions until you understand what your options are, as numerous denials can hurt your approval chances.

(2). You’re not looking to use a Government Program for Cash Out In Texas.

Unfortunately, the Federal Housing Administration (FHA) and the Veterans Administration (VA), which offer some of the best cash-out limits available, do not allow cash-out or debt consolidation loans in the state of Texas. Due to the strict homestead act laws in the state of Texas, the only programs available to residents there would be under conventional loan guidelines, this only allows for a maximum loan to value of 80% of your homes appraised value on Stick Built Homes and Condos, and a maximum of 65% on manufactured homes.

However, our FHA 203k Loan or VA Renovation Loans could still allow you to access equity for remodeling if you are over the 80% threshold. These loans are processed as rate and term refinance loans and are not considered a cash-out in Texas. These are great options to think outside the box and achieve the improvements to your home you may be seeking.

(3) Your home is Not In Need of Structural or Foundation Repair.

Another deal killer on cash-out loans is when an appraisal comes back. If there are major repair requirements on the property, such as structure or foundation issues. In cases where an appraiser notes that the property is in a non-habitable condition or structural issues should be addressed, these issues would be required to be completed before closing your cash-out loan. In these cases, you also would want to review our Rehab and Renovation Loan programs like the FHA 203k Standard Loan. This program allows for full structural improvements and can allow up to your county's total FHA loan limit.

Even if you owe close to 100% of the value of your home now, making modifications and improvements could allow the future value of your home to rise to the comparable newer updated homes in your neighborhood. Most importantly, this rehab loan enables you to ensure you protect your family's safety and the value of your home.

Great, if you answered “YES” to each of these, you passed the first part of our pre-qualification test. If you have a “NO” somewhere, call us now, or take our eligibility checker to discuss your situation. Answering “NO” doesn’t mean you won’t qualify, it just means we need to find out which area is impacting your request.

Before we discuss the programs we offer, let’s review the most important ways to make the process as smooth as possible.

First, There Are No Guarantees Because There Are Many Unknowns.

Anyone offering you a guarantee is probably someone you want to avoid. It’s not guaranteed until you have met all conditions and closed your loan. But let’s discuss further how you can get the results you are seeking.

You Need a Team That Offers wicked fast speed, and here’s why!

Applying and getting pre-qualified for a cash-out / debt consolidation loan is only the first step in the process. It doesn’t guarantee that you’ll get the rate, terms, or program you were pre-qualified initially on. There are many factors to achieving that low rate and excellent loan program you wanted, and that is “the speed in which YOU move.” Time plays against every borrower in a big way with any loan.

Learn the 4 most important reasons to “light the fire” and Take Fast Action on Your Cash Out Home Loan Pre-Qualification!

1. Rate Locks Expire: Most loans are locked for 30 days because the shorter term allows you to get the lowest rate possible. If you lose your rate lock by letting it expire or needing to extend it because you took weeks getting the items back, it will cost you more money or a higher rate. With rates recently on the rise, a higher price could even make you no longer eligible for the loan you wanted. A long delay could require you to re-qualify for the loan again.

2. Programs Could Disappear: It’s happened before; we’ve witnessed a whole host of loan programs get wiped out overnight. Investors can choose to change their risk portfolio and stop offering programs altogether; that is why moving fast on the pre-qualification you have in your hand means taking action.

3. Your Job or Income Status Could Change: What if you lost your job, your income was reduced, or you wanted to take a new job, but it put your loan closing in jeopardy because you took too long? Any of these changes in your employment status could come back with more unfavorable terms, or worse, a complete loan denial.

4. Your Credit Score Could Dramatically Change: We’ve seen this happen many times before, a borrower maxes out their credit card for business, or they miss a payment because they weren’t paying attention, or judgment was filed for any host of reasons. Not closing quickly under the same credit terms is another reason for underwriters to re-qualify you or cancel the loan altogether.

The 3 steps to Achieving A Competitive, Low, Fixed Rate Mortgage For Your Debt Consolidation & Cash-Out Home Loan.

1. Find a lender you feel confident in and apply to get pre-qualified from that lender. Make sure the lender has the program you want, and if they don’t sound confident they can close this program and have experience and reviews doing so, then keep looking! You may want to check out our reviews to help give you this confidence.

2. Request a rate lock on your loan once you are pre-qualified and get your lender every item needed as fast as necessary to close your loan so your rate lock doesn’t expire. Your side of the process is only complete when the loan is closed, not when you think you sent enough to satisfy us.

3. Take responsibility and move fast; as you know, rates have been rising lately. Wait too long, and you could end up with a higher interest rate, therefore qualifying for a smaller loan amount than if you locked in faster on a lower price. It’s your job to ensure you meet all requirements, not the loan officer or lender’s position to hold the file open as long as possible, paying for the rate lock extension out of their pocket. Locks cost money because your lender is reserving the funds and rate you wanted. It’s your responsibility to ensure you move fast as not to let that lock expire, or it could end up costing you.

BuildBuyRefi Will Loan On These 4 Property Styles For All Cash Out & Debt Consolidations.

*Modular homes are not considered manufactured homes; they fall under the same category as Single Family Home and do not have the same restrictions as Manufactured Homes. Every program available to a Single-Family Home extends to Modular.

What Do Conventional, FHA, USDA, & VA Loans Mean, And Which Do I choose?

These terms (Conv., FHA, USDA, VA) refer to the program type, and more often, it is decided based on your goals. These can also determine other factors such as location, loan amount, borrower status, and the borrower’s desired transaction request. Each program has a different set of product offerings underneath it that are uniquely different. Let’s explain what these are.

These four different cash-out program types are available on the market.

1. Conventional Cash Out & Debt Consolidation Loans

   • The government does not insure conventional loans and typically requires a more substantial down payment or equity position to qualify. No 100% Conventional financing programs are available for manufactured homes, nor do conventional loans offer 100% financing in any category. However, you can go up to 80% on cash-out and debt consolidation for FHA and up to 100% on VA. Loans of 80% or higher often come with PMI for Conventional, FHA, and USDA loans.

   • Conventional loans are chosen more often when you have more significant home equity, a higher credit score, and when you’re looking to avoid paying PMI. Conventional loans also require a lower debt-to-income ratio and a cleaner credit profile than their FHA and VA counterparts. Also, something to consider, if you are a Veteran, think about reviewing the 100% VA Cash-Out program below.

2. FHA Debt Consolidation & Cash-Out Loans.

   • FHA stands for the Federal Housing Administration; a government agency devised to help increase homeownership to lower credit scores, income amounts, and higher debt ratios. Because of this, the FHA loans come with Mortgage Insurance and won’t automatically drop off when you get lower than 80%. You will be required to refinance out of an FHA loan if you want to drop the mortgage insurance monthly premium. The FHA has maximum loan amounts determined by county location.

     The FHA loan allows you to rehab or renovate (which is not considered a cash-out by their guidelines), in many cases financing over 100% of the future value of your home. FHA also allows up to 80% cash out or when you’re looking to consolidate debt. Many clients have saved hundreds, if not over $1000 or more per month, by smartly combining higher-interest debt.

3. VA Cash-Out & Consolidation Loans For Active Military, Disabled or Retired Veterans, and their spouses.

   • The VA home loan benefits are some of the most substantial benefits available to Veterans and their spouses. Of all cash-out loan programs, the VA loan offers the highest loan-to-value, low-interest rates, and comes with no mortgage insurance at all. More Veterans should take advantage of this program at every chance they can. 

     Every program offered through the VA allows for 100% or higher in loan financing. Purchase, cash-out, consolidation, VA IRRRL streamline, the VA Renovation Loan (not considered cash-out) now allows up to $50,000.00 for remodeling, whereas other lenders still offer just $35,000 for structural rehab. We even have custom programs offering up to $2 Million for extensive renovation projects.

     The VA home loan comes with fewer reports required for manufactured homes if you have this property type, so it moves much faster, though we are wicked fast on all product and home types. You will even be able to finance large tracts of land and have certain exceptions granted that you won’t find in conventional, FHA, or USDA program types. The VA loan does not have any location restrictions or income restrictions. Still, it does have specific credit, DTI, and loan amount restrictions based on the property’s county location.

4. Reverse & Renovation Mortgages.

• Reverse mortgages are not traditional cash-out loans and are only available for homeowners with qualifying equity positions over 62 years of age. Reverse home loans are an excellent program for those on fixed incomes looking to minimize their mortgage payment and receive monthly payments to help offset higher living costs and expenses.

  Renovation loans such as the FHA 203k, Fannie Mae Homestyle, VA Renovation, or our other Portfolio Renovation loans offer no cash back to the customer at closing. In turn, they are treated as a rate and term refinance or purchase loans if used at the time of purchase. These loans adhere to different guidelines since you cannot do the work or receive cashback over $500.00. However, we offer in-house personal loans of up to $50,000 additional before or after closing for qualified borrowers on all loan programs.

Generally, we want Your minimum “middle of the 3” credit scores To Be A 620 FICO or higher.

My middle credit score is above 620, what rate can I get?

Your rate depends on many factors since rates change daily, sometimes multiple times a day, the quote you receive today most likely will be different tomorrow. That is of course if you have not locked in your loan.

Borrowers with a 620 credit score may see a little higher rate than those with a 640, 680, 720, and so on. All investors offer better rates the higher your score is. They do this because those with higher scores have proven to be of lower credit risk than those with higher scores.

Many people who take out a loan with a lower credit score that has a higher rate, can raise their credit even if they took out a 100% loan six months to a year earlier on the subject property. In cases where this happens, we’re always working with our existing clients and watching market conditions to offer an internal streamline refinance. 

The Streamline Refinance happens to be the most effective loan used to lower a borrower’s interest rate, and in most instances will not require a new appraisal because you are only reducing your interest rate or term. It is also possible to have a lower score like the VA streamline refinance as this loan looks at your overall improvement to your financial situation and is not relying on your credit report.

Do you loan against bad credit? What is the lowest score you accept?

Can we lend lower than 620? 

In some cases, yes, we’ve done them as low as 580, but it’s tough and let’s explain why.

A few things happen when a borrower has a score under 620.

#1. The interest rate we can offer becomes too high.

The pricing adjustments for lower scores and loan amounts become a high risk for the lender. Due to our offering some of the hottest government-backed programs, we stay away from dancing with any loan that hits what the government deems high costs.

#2. The borrower has limited to no credit, Or, Their credit trade lines are not acceptable to our current underwriting guidelines.

It’s even true that some people can have a 640 credit score with limited trade lines that would not get approved. Still, it is essential to show our underwriters you can make payments on time and are at low risk of defaulting on your home loan.

#3. The borrower could be a few steps away from a much better credit score.

If you fall under the 580 FICO score threshold, minor credit repair could help you become more attractive to lenders. In many instances, you don’t have to go through a 3rd party credit repair company, as today’s lenders have tools to help you determine what moves you can make to improve your score. Do what is needed, and not only would you get a lower interest rate, you could qualify for a more substantial loan with better home options than if you settled for borrowing with worse credit.

The 6 Acceptable Income Types When Applying For A Consolidation or Cash-Out Loan.

While we accept almost every income type when verifying and approving cash-out loans, we won’t lend on stated income loans.

1. W2 Full Time & Part-Time Employees.

2. Self-Employed or 1099 Contractor Income.

3. Active Military Income.

4. Retirement, Pension, 401k Regular Disbursement Income.

5. Social Security or Disability Income.

6. 12 & 24 Month Personal & Business Bank Statement Programs.

It’s important to note that any change during the process in employment status, such as getting fired or switching jobs, is grounds for denial or re-underwrite. You want to avoid any change in your job status while completing your loan, and if there is the slightest chance something might change, you need to speak to your loan officer immediately about this. 

Do not assume your loan will be approved because you are getting a better job offer. Changes like these scare underwriters and will increase the documentation required; it could delay your closing and cost you a rate lock; meaning higher payments with higher rates.

You will save thousands in lost time and money by being as upfront as possible with your loan officer.

Aside From Working 7 Days A Week On Your Schedule, We Specialize In The Most Popular Cash-Out Programs To Hit Today’s Mortgage Market!

The Truly Determined Borrower Ultimately Demands a Competitive Low-Rate & Loan Term. And At BuildBuyRefi, We Offer A 5-Star Customer Experience Rivaled By Very Few.

We Won’t Leave You Guessing What Is Going On!

You may ask, why do other lenders and even my local bank offer higher rates, shorter terms, or try to dissuade me from pulling cash out, consolidating debt, or want to stop me from doing this loan program?

That’s a great question!

The short answer is that they perceive a high degree of risk on cash-out loans because they aren’t the experts in these types of loans. This means in many situations, banks could be scared you’re getting in financial trouble and will leave them holding a zero equity property.

Longer answer…

The Top 3 reasons other Lenders Find it hard to Compete with BuildBuyRefi in the Cash-Out Loan market.

#1. We have Fiercely Competitive Cash-Out products, rates & loan terms:

• Most lenders, brokers, and banks only have a few programs, indeed not offering anything near the vast array of cash-out loan products we have. Their rates are higher and loan terms shorter because they can’t touch the monthly volume we produce. They don’t offer the high loan-to-values because their perceived risk is higher with less equity in a property. You shouldn’t be stopped from utilizing your home in the ways you require; why pass up saving hundreds or thousands a month? Relieving financial stress when you have the option is one of the best ways to lighten the load and create thinking for your sound financial future.

#2. We Are seasoned Professionals For All Cash-Out Home Loan Programs:

• Most are not seasoned veterans in the debt consolidation and cash-out loan sphere, meaning the loan officer you worked with might never have closed unique cash-out loans or helped structured you into a renovation loan when your equity seemed tapped out. You need a banker that knows how to navigate these program types to give you competitive options; most of our bankers have 15-30 years of experience in each lending on these unique property and program types offered at BuildBuyRefi.

#3. We Don’t Discriminate On Loan Request or property type:

• Your local bank or credit union may be acting like they are doing you a favor to keep you with them, but they may not want your property type or program type on their books. They may talk you into taking a higher rate, saying they are making an exception to the guidelines. In this case, their inability to be competitive or desire for your loan or property type is costing you more just by staying loyal.

We’re Not Financial Advisors, But For Most Homeowners, we Help You wisely Consolidate Debt Using The Power Of your Home Equity.

Why pay more when you can spend less?

Why take longer to close your loan when you can close faster?

Why use a less experienced lender when you can use a team that has thrived together for over 20 years bringing over 100 years of experience?

the top 3 reasons to Complete A Cash Out or Debt Consolidation Home Loan!

#1. Using Cash out To Improve Property Adds Value, Equity, And Stability!

• If you are looking to create more value in your property, it is mostly accomplished by improving your home through a renovation or remodel. Pulling cash out can allow you to save the money spent on contractors if you plan to do the work yourself.

• A beautiful bathroom and kitchen remodeling are some of the surest ways to add immediate home value, but going a step further allows you to love your home again. Instead of stressing out over looking for a new home and fighting to sell your old house, you can learn to love everything about your property. Even if you owe almost 100% of what your home is worth, there are ways to access future equity based on the renovations you plan to do.

#2. Consolidating Sky Rocketing Interest Debt Lowers Personal Stress Immediately!

• We don’t know too many credit cards that come with a fixed interest rate lower than your mortgage, but we do know that Americans are carrying astronomical portions of credit card and other debt with interest rates 15%, 19%, 25%, or in many cases higher on an annual basis. When you look at paying off the monthly minimum of your credit card statement, you could be financing credit card debt much longer than a 30-year mortgage. High-interest debt is stressful for anyone who is in this position, and many hesitate using the equity in their home to pay off credit debt, car loans, or other business debt when they could consolidate.

• However, when smartly structuring this debt and seeing the light at the end of the tunnel by eliminating monthly payments in the hundreds or thousands, you can breathe clearly, refocus, and put a solid plan of action to now pay off your mortgage in record time. It’s all about one step at a time, smart moves over wrong, and using your equity as a tool instead of an unknown.

#3. Cash-Out Could Be Invested In You, Your Business, Or Your Personal Financial Plan.

• Do you have a bigger dream than just your home? We know most Americans do. At a time when more Americans are starting side jobs, businesses, contributing more to their retirement plans, or creating long-term financial plans for their families’ future, there are so many scenarios where accessing the equity of your home and turning it into cash makes smart sense.

• We don’t dictate where you put your money, we want you to do so in an educated manner and use how you need for you and your family. Start dreaming about what you could be doing, turn that dream into a plan, and then put that plan into action.