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Cash-Out Refinance your Downey CA home

How Much Can I Borrow From My Home?

Answer: On FHA primary residence, you can borrow up to 80% of your home’s value. Example: If Home Value is $550,000, you can borrow up to $440,000.

Answer: On Conventional Loan, you can borrow up to 80% of your primary residence.  So if your home is valued at $550,000, you can borrow up to $440,000

We can also help you borrow on investment, rentals or commercial properties.

Further your financial goals and enhance your life with a cash-out refinance.

The Basics:

A Cash-Out Refinance Can Help You Meet Your Financial Goals

Use your home equity to your advantage! Get money out of your home and use it for anything you want. Find out if it makes sense to refinance with our refinance calculator.

Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.


You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.

Popular Cash-Out Refinance Options

FHA loan – Refinance up to 80% of your home’s value.
30-year fixed-rate loan – This traditional mortgage with fixed payments is great for budgeting.
Adjustable rate mortgage – Save thousands in interest with our lowest rates available!
VA loan – Refinance up to 90% of your home’s value with the VA loan if you’re a veteran, military member or spouse.

Reverse Mortgage – Homeowners over 62 years of age can access their home’s equity like cash with a reverse mortgage loan.

Frequently Asked Questions

What’s the difference between a cash-out refinance and a home equity loan?

Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore riskier. A cash-out refinance is not a second loan; it is a new first mortgage.

What is equity? How can it help me get cash out of my refinance?

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Try our refinance calculator or call us to see if you have enough equity to reach your financial goal.

What determines how much cash I get after refinancing?

In general, the cash-out amount is calculated by subtracting the balance of your old loan from the amount of the new mortgage loan, although many other factors, such as applicable fees, the type of loan you get and your equity, can affect your final cash-out amount.

How much does it cost to refinance?  

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.  Nonetheless, a refinance will cost about $3,500-$5,500 (escrow, title, notary, taxes, carrier, appraisal, credit report, flood determination fee, flood coverage, tax certification, county recording fees, transfer taxes, upfront 2-9 months taxes, upfront hazard insurance: 2-9 months).  Again, most clients choose to add closing cost to their loan balance to avoid out of pocket closing cost.  On the upside, when you refinance you skip one or two out of pocket mortgage payments.

Talk to a Home Central Financial Home Loan Expert or use our refinance calculator to see if refinancing your home can help you get cash out.

Call or Text us your questions to 562-881-9811

email us to

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