San Diego Conventional Home Loan Cash Out Refinance (Updated Numbers & Details for 2022 | 2023)

(Please note - these numbers below have been updated for 2022 and are specifically for San Diego however we can do loans throughout California. We do our best to make sure everything is correct at the time you are reading it.)

?? In this post we break down the conventional home loan cash out refinance in San Diego

?? This mortgage loan is great if you have built up equity, want to take some cash out to use as you wish, and put yourself in a great financial position. 

In this post I cover:


Here's the main points and highlights of the program... 

(Please keep in mind we are approved with 40 +/- wholesale lenders in the state and the guidelines below are a great rule of thumb and not written in stone. Once you apply we will select which lender best suits your needs).

?? Principal Residence: Allows a new loan amount up to 80% of your homes value - 80% LTV loan (let's assume your home is appraised at $1,000,000 x .80 loan value = $800,000 new loan amount).

?? Second Home/Investment Property: Allows a new loan amount up to 75% of your homes value - 75% LTV loan (let's assume your home is appraised at $1,000,000 x .75 loan value = $750,000 new loan amount)

?? Maximum loan amount is $879,750 (this is the maximum allowed for a super conforming loan in San Diego for 2022. Above this amount we will simply change the loan to a Jumbo Loan refinance).

?? Typically you need a middle credit score of 620 or higher (When we run your credit that is the score we use - not Credit Karms, Credit Sesame, or the like. If it's just you, it's your middle score. If it's you are a co-borrower we use the lowest middle score). 

?? Generally you can have a max debt to income (DTI) ratio of 50% or less (we get this by adding up your total gross monthly income over 12 months / your current monthly debts + future housing payment = your DTI ratio)

?? Generally speaking we will need to do a physical appraisal of your home for the value. However, we may be eligible for an automated appraisal online depending on your homes value, ease of getting comparables, your credit profile, etc. 

?? You will have closing costs for your refinance and they can be payed one or a combination of a few ways - use a lender rebate to help cover costs, put them into the loan amount so you can no $$$ out of pocket, wire in money at the close of escrow to cover, or a combination of all 3. 

?? You will have the option to have an escrow impound account (where you pay your homeowners insurance and taxes monthly) or the ability to pay these on your own outside the loan directly to each respective source. 


Here's 5 of the most common questions I get (and how I answer them)... 

(Please keep in mind your personal situation might be different and these are used as examples only).

? Question #1: When is a cash out refinance a great idea?

There's many possible reasons such as: If you have built up equity in your house, have other higher interest debt (such as personal loans, credit cards, car loans, student loans, etc) and by taking cash out and paying these off lowers your total monthly debts. 

? Question #2: Let's assume I have no other debts besides my current housing payment - what else could cash be used for?

Here's a few examples: Take a vacation, buy a car, put money in kids college funds, invest in other real estate, invest in a business, other investments outside of real estate, have a "rainy day" fund of 12 months, stock up on storable foods, etc. 

? Question #3: When and how do I get my excess cash?

Once we close escrow they will be either wiring you the excess funds or they will be mailing you a check depending on how you choose to get your funds. You can expect to get these funds within 5 business days of closing. 

? Question #4: What happens to the escrow impound account from the loan we are refinancing and paying off?

If you have an escrow impound account from the loan we are refinancing (that's your property taxes and homeowners insurance), and there's a balance due you, your past lender will be mailing that out to you within 21 business days. It's always best to check with them and see to make sure. 

? Question #5: How long does this loan take? 

Once you have applied with us, provided your needed supporting documents, we will be opening escrow, submitting your loan, and ordering the apprisal (if needed). We can definently close a cash out refinance loan in 21 days or less assuming we get what we need from you in a timely manner. 


Here's 5 secrets of this loan (or misconceptions) you might not be aware of... 

(Please keep in mind your personal situation might be different and these are used as examples only).

?? Secret #1: Just because your new mortgage rate might be higher than your current it still could make sense.

Instead of just focusing on your mortgage rate only look at your entire financial picture. If you have debts such as: personal loans, car loans, credit cards, student loan debt, etc - it might make sense to take cash out, pay some/all of these off, lower your total monthly debts - even if your mortgage rate went up. 

?? Secret #2: You can even miss a mortgage payment (or two)

Depending on when we close during the month will determine when your next payment is due. But, we can typically have it structured to where you can miss one, and even two monthly payments. 

?? Secret #3: You do NOT need to pay closing costs out of pocket

The most common way to finance closing costs (and prepaids if you choose an impound account) is to simply "roll" those into your new loan. Doing this limits your cash out of pocket to very little, if anything. 

?? Secret #4: You can do this as many times as you want

Generally speaking you can refinance as much as you want. Lets assume you do a refinance a few years ago when values were higher. Then, over the last 24 months or so prices have really gone up quite a bit. You can refinance again and take advantage of more built up equity. 

?? Secret #5: We *may* be able to skip most supporting documents from you and an appraisal

Depending on your loan amount, your loan to value, what your house appraises for, your loan profile, etc will determine if we need a physical appraisal or not and how much supporting documents from you we will need. 


Basic documentation needed from you (or you and co-borrower) to begin... 

(Please keep in mind these are the basic documents we will probably need. Depending on your personal situation we may need more or less and will advise accordingly). 

?? Copy of your drivers license (screen shot is fine)

?? Copy of your social security card (screen shot is fine)

?? Copy of your latest mortgage statement (please be PDF)

?? Copy of your homeowners insurance policy (please be PDF)

?? Copy of your latest HOA statement (please be PDF)

?? Last 30 days paychecks (you should get these from your employer via email and PDF each time you are paid). 

?? Last 2 months bank statements - all pages (You just log into wherever you have a bank acount online and save the last 2 months via PDF.)

?? Last 2 years taxes and W2's - If you do not have them you can get them from the IRS website here

?? Latest statements if you have anything like: 401(k), retirement, stocks, bonds, mutual funds, etc

?? If you are self employed we will need last 2 years taxes and W2's (if applicable) as well as year to date profit and loss sign and dated (you can do this - doesn't need to be a CPA). 

?? We can potentially need more depending on this like: pay or collect child support, have been divorced, have had a short sale or foreclosure, have filed bankrupcty, have rental properties, etc. 


Here's how to get started right now... 

  1. Fill out my online application at Scotts Loan App.com. If it's just you - then you fill it out just for yourself. If you are married - it's you and your spouse (regardless if they work or not, their income, their credit, etc.) If its you and a co-borrower - then you both fill it out.

  2. Once complete I will be alerted, check everything over, send you out a list of needed supporting documents, and clarify anything if needed

  3. Once I get the needed supporting documents from you I will double check th application, your needed supporting documents, pull your credit report (it's currently $38 +/- and I pay for that), and get back to you with best scenarios.

  4. If doing a cash out refinance isn't a possibility or it's better we go with another loan program we can always easily switch to that instead. 


? I would love to help assist you with your conventional cash out loan - please feel free to give me a call, text, or use the form below. 

Your Conventional Cash Out Loan Insider,

Scott

Get Scott's Personal Help Below...

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

See Our Top Blog Posts Below...

See San Diego's Newest Listings Below...

4346 Properties
Page 1 of 121
Open 9/30
17637 Pomerado #218 San Diego, CA 92128
$539,000
Neighborhood: Oaks North
2
Beds
2
Baths
980
Sq.Ft.
1980
Year Built
1
Day on Site
220024492
MLS
Super End Unit on top floor so no one above! Low HOA fee includes Water & upgraded Cable with HBO & Showtime. Excellent for those who need elevator plus Garage is near the Entrance gate....
$1,074,900
Neighborhood: Sienna
5
Beds
4
Baths
3,086
Sq.Ft.
2019
Year Built
1
Day on Site
305796692
MLS
Amazing, Turn-Key 2 1/2 Year Old Home in the Sienna Community of Vista. This Beautiful Home and Property Features: A Bright and Open Floor Plan, Nine Owned Solar Panels, Quartz Counter Tops in the...
$1,499,999
Neighborhood: Laurel Pointe
6
Beds
3F11/2
Baths
3,543
Sq.Ft.
2017
Year Built
1
Day on Site
305797182
MLS
No description available...
$1,995,000
Neighborhood: Mission Hills
3
Beds
3
Baths
10,498
Sq.Ft.
1
Day on Site
305796849
MLS
Great Investment opportunity. 3 units 1 bedroom 1 bathroom. Perfect to live in and rent. Pending permits for new construction. Permits included with the purchase of this property.

Great...
$2,149,000
Neighborhood: Stallions Crossing
5
Beds
3F11/2
Baths
3,324
Sq.Ft.
2003
Year Built
1
Day on Site
220024493
MLS
Lovely Cul-de-sac home in the gated community of Stallions Crossing. This elegant two story home features a dramatic wrought iron circular staircase, A/C, ensuite guest bedroom and bath downstairs,...
Coming Soon on 09/28
1538 Paulann Ct Fallbrook, CA 92028
$775,000
Neighborhood: Fallbrook
3
Beds
2
Baths
1,864
Sq.Ft.
2003
Year Built
1
Day on Site
220024494
MLS
Beautifully updated move-in ready 3 bed, 2 bath, 1,864 ft.² single-story home on a cul-de-sac in a highly desirable Fallbrook neighborhood. Entertain family and friends in your large backyard...
Coming Soon on 10/01
6096 Crawford St San Diego, CA 92120
$1,198,000
Neighborhood: Allied Gardens
4
Beds
3
Baths
1,723
Sq.Ft.
1958
Year Built
1
Day on Site
220024496
MLS
No description available...
2
Beds
2
Baths
1,052
Sq.Ft.
1985
Year Built
2
Days on Site
305784859
MLS
Beautiful 2 bedroom 2 bathroom condo home located on the first floor with over 1050 square feet of living space in the popular Scripps Ranch community! Double master bedrooms. The kitchen has a...
$929,000
Neighborhood: Las Playas
3
Beds
2F11/2
Baths
1,428
Sq.Ft.
1986
Year Built
2
Days on Site
305789000
MLS
Las Playas, a fantastic, well maintained, coastal community in south Carlsbad. This 3 bedroom, 2.5 bath, 2 car garage townhome has ocean breezes and inspiring west facing sunset and palm tree views....
5
Beds
3
Baths
2,847
Sq.Ft.
2022
Year Built
2
Days on Site
305797017
MLS
MODERN MOONLIGHT BEACH HOME WITH 5 BEDS | 3 BATHS | ROOFTOP DECK + SPA. THIS IS THE ULTIMATE LOCATION TO ENJOY SOUTHERN CALIFORNIA BEACH LIVING BUILT BY AWARD-WINNING DASMOD! WELCOME TO THIS...
Coming Soon on 09/28
12538 Paseo Lucido #142 San Diego, CA 92128
$859,995
Neighborhood: Bernardo Heights
2
Beds
2
Baths
1,397
Sq.Ft.
1985
Year Built
2
Days on Site
220024474
MLS
Incredible opportunity to own this private corner lot, single-level condo in the highly desirable Las Brisas community. This community includes 186 luxury units with incredible amenities. Residents...
$725,000
Neighborhood: Emerald Hills
3
Beds
2
Baths
1,234
Sq.Ft.
1960
Year Built
2
Days on Site
305797026
MLS
Welcome HOME to a stunning 3br/2ba in a highly desirable neighborhood area of Emerald Hills. Recently upgraded and is move in ready. This home is light, bright and cozy. It is centrally located near...
$610,000
Neighborhood: Costa Viva
2
Beds
2
Baths
1,040
Sq.Ft.
1974
Year Built
2
Days on Site
220022065
MLS
Spacious Mission Bay condominium in bay park- just a walk across the bridge to infamous mission bay. Your invite to spectacular resort like settings, sun and fun on the bay. Truly just east of I-5...
$1,149,000
Neighborhood: Oceanside
3
Beds
2
Baths
1,211
Sq.Ft.
1949
Year Built
2
Days on Site
220024476
MLS
Charming South Oceanside Beach House! Could be a perfect vacation rental. Property is landscaped with a tropical like feel all around. There is plenty of room on the rear and side of property for an...
$1,249,000
Neighborhood: Talmadge
4
Beds
2F11/2
Baths
2,200
Sq.Ft.
1960
Year Built
2
Days on Site
220024477
MLS
Located within the Gates of Talmadge, San Diego. A beautiful family home recently renovated.Oversized lot with larger than average home. Enlarge driveway with ample parking as you enter the property....
$698,900
Neighborhood: Melrose Heights
3
Beds
3F11/2
Baths
1,767
Sq.Ft.
2023
Year Built
2
Days on Site
305797049
MLS
BRAND NEW CONSTRUCTION. 3 story townhouse located in OCEANSIDE. This home features 1,767 sf of living space with a 2-CAR ATTACHED SIDE-BY-SIDE GARAGE, 4 bedrooms, 3 1/2 bathrooms, gourmet kitchen and...
Coming Soon on 09/29
10757 Len St Santee, CA 92071
$699,999
Neighborhood: Santee
4
Beds
2
Baths
1,371
Sq.Ft.
1974
Year Built
2
Days on Site
220024478
MLS
Welcome home to this quiet single story home in the city of Santee. 4-bedroom,2-bathroom home. Nice size master bedroom, huge living room with vaulted ceilings with plenty of room for your family to...
Open 10/8
3185 Pine Hills Road Julian, CA 92036
$1,379,000
Neighborhood: Pine Hills
3
Beds
2
Baths
2,227
Sq.Ft.
1972
Year Built
2
Days on Site
220024481
MLS
Having it all in Julian is more than a dream, it s a reality at beautiful 'Full Moon Farm. Currently operating as a quaint, income-producing short-rental with two self-contained guest cottages, the...
$1,030,200
Neighborhood: Melrose Heights
5
Beds
4
Baths
2,427
Sq.Ft.
2022
Year Built
2
Days on Site
305797113
MLS
BRAND NEW TRUMARK HOME. SINGLE FAMILY HOME located in OCEANSIDE. This home features 2,427 sf of living space with a 2-CAR ATTACHED SIDE-BY-SIDE GARAGE, 5 bedrooms, 4 bathrooms, gourmet kitchen and an...
$1,850,000
Neighborhood: Lake Vista Estates
4
Beds
3F11/2
Baths
4,353
Sq.Ft.
1995
Year Built
2
Days on Site
305790895
MLS
Commanding panoramic mountain views and the serenity of nature abound at Lake Vista Estates highly sought after custom built single level Ranch stunner located in Bonsall at a prime location...
$5,707,000
Neighborhood: Rancho Pacifica
5
Beds
6F11/2
Baths
8,292
Sq.Ft.
2006
Year Built
2
Days on Site
220024485
MLS
Priced 6% lower than average Sold in Rancho Pacifica in last 6 months at $732.12 square foot. One of the finest custom homes in the guard-gated RP. Includes designer furniture by Henredon, Marge...
3
Beds
2F11/2
Baths
1,679
Sq.Ft.
2022
Year Built
2
Days on Site
305797128
MLS
Brand new with paid solar panels and EV car charging station included in the price, your 3 Bedroom/2.5 Bath condo with your own private Patio Yard space. Neighborhood amenities include childrens...
$787,888
Neighborhood: East Escondido
3
Beds
2
Baths
1,428
Sq.Ft.
1959
Year Built
2
Days on Site
220024486
MLS
Peaceful and stunning single level 3-bedroom home with resort style backyard, swimming pool & spa, sitting area for large events. 3 Canary Palm trees. Built-in Bar-B-Que ready for water/Elec/gas...
Coming Soon on 09/27
1465 C St #3514 San Diego, CA 92101
$622,000
Neighborhood: East Village
2
Beds
2
Baths
1,083
Sq.Ft.
2003
Year Built
2
Days on Site
220024488
MLS
Affordable and fun urban living at its finest! This spacious, newly repainted 2 bed, 2 bath residence in one of downtown's most secure buildings just got brand new flooring throughout... all fresh...
Coming Soon on 09/28
5107 Frost Ave. Carlsbad, CA 92008
$1,995,000
Neighborhood: Canterbury
5
Beds
2F11/2
Baths
3,038
Sq.Ft.
2000
Year Built
2
Days on Site
220024490
MLS
Huge, renovated home features: 5 bedrooms, 3 baths & no immediate neighbor to the south. Amazing, detached office perfect for a future ADU, work-out space, teenage hangout or keep it as an office....
3
Beds
2
Baths
900
Sq.Ft.
1997
Year Built
2
Days on Site
305797214
MLS
This is the lowest priced 3 bedroom townhouse in the entire San Diego county! This is a townhouse, NOT a condo. There is a difference! Located in a gated complex. This clean move-in ready single...
Coming Soon on 09/28
1506 Alvarado St Oceanside, CA 92054
$2,500,000
Neighborhood: South Oceanside
8
Beds
6
Baths
3,619
Sq.Ft.
2022
Year Built
2
Days on Site
220024491
MLS
South Oceanside new construction home with attached ADU & no HOA fees. Less than a mile from Buccaneer Beach/S. Coast Hwy. & west of the 5 freeway. Two story 5-bed 3-bath home with a shared wall to a...
2
Beds
2F11/2
Baths
1,279
Sq.Ft.
2004
Year Built
3
Days on Site
305789507
MLS
**Professional pictures coming soon**Welcome home to this must-see condo located within the exclusive gated community of Campana! Offering fantastic views this condo nestled in the quiet hills of San...
$749,900
Neighborhood: Fletcher Hills
3
Beds
2
Baths
1,688
Sq.Ft.
1951
Year Built
3
Days on Site
305795355
MLS
This turn key home has it all: Large lot, great schools and private location! Located in Fletcher Hills, this freshly painted home boasts paid solar, two wonderful decks, and amazing views! Features...
$7,878,878
Neighborhood: Del Mar
6
Beds
6F21/2
Baths
6,100
Sq.Ft.
1923
Year Built
3
Days on Site
305796171
MLS
Luxury Auction! Bidding to start from $7,878,878! Perched on the highest crest of Olde Del Mar, this singular home is as rich in its extraordinary details, artisanal appointments, construction and...
4
Beds
3
Baths
1,939
Sq.Ft.
1985
Year Built
3
Days on Site
305796695
MLS
Beautiful 4 bed , 3 bath home with breath taking views overlooking the The Heights Golf Club 6th hole in Rancho Bernardo / Bernardo Heights. The home features 3 bedrooms upstairs including a huge...
Coming Soon on 09/29
14755 Deerwood St Poway, CA 92064
$1,349,000
Neighborhood: Rancho Arbolitos
4
Beds
3
Baths
2,736
Sq.Ft.
1989
Year Built
3
Days on Site
220024437
MLS
Located in sought-after Rancho Arbolitos sits this stunning home on a quiet cul-de-sac. Meticulously maintained, soaring ceilings greet you upon entering living room/dining room. Updated kitchen with...
$1,299,000
Neighborhood: Alpine
4
Beds
3
Baths
1,713
Sq.Ft.
1984
Year Built
3
Days on Site
220024438
MLS
Paid Solar and truly a one-of-a-kind property on 2 acres in the heart of Alpine. The main house offers 2 bedrooms and 2 baths with an open floorplan. There are two additional structures not included...
2
Beds
2F11/2
Baths
1,389
Sq.Ft.
1999
Year Built
3
Days on Site
220024439
MLS
This elegant Scripps Ranch home has a desirable open floor plan that allows for flexibility and is full of natural light. Premium panoramic views from the backyard, living room and master suite,...
4
Beds
3
Baths
2,788
Sq.Ft.
1974
Year Built
3
Days on Site
305796700
MLS
Beautifully remodeled 4 bedroom 3 bathroom home which includes a downstairs studio/ ADU/ granny flat unit with a bathroom and kitchenette! Situated on a small private cul-de-sac and close to...
3
Beds
2
Baths
1,487
Sq.Ft.
1963
Year Built
3
Days on Site
305796701
MLS
WOW!! You will love this updated 3 bedroom, 2 bathroom home in Escondido. Beautiful designer tile accents. Open floor plan. Kitchen has stainless steel appliances and quartz counter tops. Laundry is...

Post a Comment