The maximum you can borrow on a cash-out refinance is based on a couple of factors. One is the loan-to-value ratio, which compares the amount of the loan to the home’s value. The other is your debt-to-income ratio, which is the amount of your monthly debt payments compared to your income.
The loan to value (LTV) ratio is the percentage of value which you want to obtain financing for. For example if you want a loan of $90,000 and the value of a property is $100,000 than it is a 90% loan to value ratio. The appraisal plays an important factor for the LTV. An appraisal estimates the value of the property.
JPMorgan Chase’s refinancing package would be roughly worth $5 billion, company insiders told Bloomberg.
High Loan-to-Value Refinance Option. This program is offered through Fannie Mae for borrowers with existing Fannie Mae mortgages. The LTV ratio for the new mortgage must exceed 97.015% for a 1-unit principal residence or the maximum allowable LTV ratio for a limited cash-out refinance for other segments as listed in Fannie Mae’s Eligibility Matrix.
Home Equity Loan To Value Calculator – If you are looking for an online mortgage refinance service, then we can help you. Find out how low your payments can go.
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The loan-to-value ratio is just one factor that mortgage lenders consider when deciding whether to approve a borrower for a mortgage or a refinance loan. There are other factors that lenders take into account, such as credit scores.