Cash-Out Refinance
Situation: your borrower wants access to the equity in their home without entering into a second mortgage.
PMI solution: the Cash-Out Refinance program allows borrowers to refinance their current home loan at a lower interest rate than a second mortgage. The way it works is simple: the principal amount of the new mortgage is greater than that of the existing mortgage, and the equity is converted into cash.
You may download guidelines below that includes the Cash-Out Refinance program:
- Owner Occupied [PDF]
- Second Home [PDF]
- Investment Property [PDF]
- General UW Guidelines [PDF]
For questions or complete details on PMI’s Cash-Out Refinance program, contact your local PMI representative or call 800.966.4PMI (4764).
Mortgage insurance discussed in this website is underwritten by PMI Mortgage Insurance Co. in all states except New York and by PMI Insurance Co. in New York.
