Refinance or Home Equity Line of Credit (Which Is Better If I Need Cash)
There are two ways to get cash out of the equity of your home.
You can do whats called a cash out refinance which gives you one loan and whatever cash you need.
Or you can keep your existing mortgage and add a second loan which is called a home equity line of credit.
Either one can be beneficial and it really just depends on your situation, your current interest rate, interest rates at the time you refinance, etc.
Vantage Home Loans
145 S. Fairfax Ave. #200
Los Angeles, CA 90046
NMLS # 1394651
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**LOAN PROGRAMS I RECOMMEND IN CALIFORNIA**
1) FANNIE MAE HOME READY PROGRAM
Property Look up tool:
This lets you know if the property you are looking at, qualifies for the home ready program where you only need to put down 3% so that you can get a killer deal!
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2) BANK STATEMENT LOAN PROGRAM
This program is perfect for anyone is self-employed or owns their own business. This program requires no tax returns so if you got turned down by one of the big banks because you have too many write-offs this program is the one to go with.
Your deposits in your business or personal account is your income! Simple as that
Watch these two videos to learn more:
3) INVESTOR LOAN PROGRAM- (FOR INVESTMENT PROPERTIES ONLY)
This loan does not require any income or documentation. The only requirement is that the rent generated by the property covers the mortgage payment. This can be used for refinances or if you want to buy an investment property you can utilize this program with NO INCOME!
Video coming soon…