Cash Out Refi
A VA cash-out refinance* from Stockton Mortgage Corporation is a flexible, affordable way to finance major expenditures. For example you can pay for home remodeling projects, college expenses, or pay off a second lien with the proceeds—the choice is yours.
Other features and benefits include:
- Up to 90% financing** is available for loans up to $417,000 with full VA entitlement
- A VA cash-out refinance can replace an existing VA or non-VA mortgage†
- Both fixed- and adjustable-rate mortgages (ARMs) are available
- Depending on the equity in your home, you may be able to pay for discount points and closing costs with the proceeds
- VA entitlement and/or equity must equal a minimum of 25% of the appraised value
- In addition, you’ll be personally guided through the home financing process with all of your questions answered in everyday language.
*For refinance transactions: If you are a servicemember on active duty, prior to seeking a refinance for your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
**90% cash-out refinance is eligible by county limits.
†Refinance of a non-VA acquired property is considered cash-out.
Streamline Refi
As a current VA borrower, you may be eligible to lower your monthly mortgage payment with a VA Streamline Refinance*† from Stockon Mortgage Corporation. Or, if you have an adjustable-rate mortgage (ARM), it may be the ideal time to refinance to a fixed-rate loan.
Other benefits and options include:
Refinance up to 100% of your home’s value (LTV)**
You may qualify to close with no cash out of pocket—roll your closing costs, prepaids and funding fee into your loan amount
Lower interest rates and fees
Higher lending limits available in many areas
Less documentation required so there’s less paperwork
*Verification of employment is required if payment increases more than 20%.
†For refinance transactions: If you are a servicemember on active duty, prior to seeking a refinance for your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
**100% financing must include funding fee.
