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At some point or another, everyone needs additional money for something. For the homeowner who has established equity in their home, that equity is an investment you can draw funds from. This is where a cash out mortgage loan comes in.

Cash out loans can come from a variety of different mortgage programs. The mortgage programs have different thresholds which you can use to take money out. Your home’s equity is the collateral used to secure these loans. The mortgage is the financial instrument used to pull the money out. Almost all loan types like conventional, FHA, VA, or Jumbo first mortgage have rules for pulling cash out built into their programs.


Additional mortgages can also be used for cash out. These mortgages are a “second” to your “first mortgage” because of where it falls in the lien order of collateral against your property. The second mortgage programs allow you to pull funds from your home without paying off a lower rate first mortgage, or can be combined with cash out from a first mortgage to increase the funds you can tap into.

The two programs typically used as a second mortgage are generally referred to as either a Home Equity Line of Credit (HELOC) or Home Equity Loan. The HELOC is usually adjustable, and the HELoan is usually a fixed rate. Both can be used to tap funds in your equity above the “first” mortgage that you owe. Depending on the equity available and the amount needed, you may be able to borrow up to 100% of your home’s equity with one of these second trust loans.

No matter what the loan type you use to acquire the cash out, there are few limitations on how you use the funds. Examples such as..

..are all things you can put your equity to work for you as cash out from your home!

If you find you need money for a big project, let our experts help guide you to the best programs available to pull funds out. Connect with one of our experts in home loans to discuss how we can help you today.