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Cash Out Refinance

Cash-Out Refinance Hero Reward

For all of our Hero clients who refinance through Thrive Mortgage, we offer a lender credit of 0.5% of the loan amount to help offset closing costs on most programs.  On a $500,000 loan, that’s $2,500!  That applies regardless of which kind of refinance loan you choose, and is a reflection of the commitment we have to our Heroes. 

Depending on the loan amount and options available, this lender credit could cover all of your closing costs or a significant portion of them, making refinancing a no brainer!

Cash-Out Refinance Programs

Conventional Cash-Out Refi

Using a conventional loan to do a cash-out refinance allows you to increase your loan to 80% of the present value of your home (appraisal required).   

Compared to other programs that are insured or guaranteed by a government entity, conventional loans have more stringent credit and debt to income requirements.  

As a result, conventional loans are best suited for borrowers with good to excellent credit histories.

FHA Streamline Loan

Using an FHA Loan to do a cash-out refinance allows for a loan amount of 80% of the present value of your home (appraisal required).

Monthly Mortgage Insurance Premium (MIP) is a fixed rate for all borrowers based on loan amount and loan to value.  

There is also a 1.75% fee for Upfront Mortgage Insurance Premium (UFMIP) that is added to the loan amount.  

FHA loans are best suited for borrowers with a fair credit history.

VA Cash-Out Refinance

Using a VA Loan to do a cash-out refinance allows for a loan amount of 90% of the present value of your home (appraisal required). 

These loans are guaranteed by the Dept of Veterans Affairs, so similar to FHA loans they have less stringent credit history and debt to income requirements than conventional loans.  There is also no monthly mortgage insurance on VA loans.  

There is a funding fee that varies on use and loan to value, however this is waived for borrowers receiving 10% or more in VA Disability.  

All loans are subject to underwriting or investor approval.  Other restrictions may apply.  This is not an offer of credit or a commitment to lend.  Guidelines and products subject to change.

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