One new loan, cash at closing.
A cash-out refinance pays off your existing mortgage with a new, larger loan and hands you the difference in cash. The new loan is sized against the appraised value: conventional programs lend to 80% of value on a primary residence under Fannie Mae and Freddie Mac rules, and 75% on two- to four-unit homes, second homes, and investment properties. A wholesale conventional program reaches 89.99% LTV on a primary residence with no mortgage insurance for borrowers at 680 and above.
What decides the file is equity, occupancy, credit, and time: the leverage ceiling for the program and occupancy, six months of ownership before a conventional cash-out, the score that prices the loan, and a debt-to-income ratio inside the automated maximum. When the existing first mortgage is worth keeping, a home equity line of credit that sits behind it is usually the better tool — Lendmire runs both on the same numbers before recommending either.
Pick the program that fits the file.
Three routes to the same result, each with its own leverage ceiling, occupancy rule, and insurance structure.
Conventional Cash-Out
To 80% LTV on a primary residence under agency rules (75% for 2–4 units, second homes, and investment property), six months of ownership, and a wholesale lane to 89.99% LTV with no mortgage insurance at 680+.
FHA Cash-Out
To 80% LTV on a home you have owned and occupied for 12 months, with a 580+ wholesale credit floor and FHA mortgage insurance on the new loan. Non-FHA loans can be refinanced into it.
View Program →VA Cash-Out
To 100% of value including the funding fee for eligible veterans, with no mortgage insurance, seasoning of 210 days and six payments, and a net tangible benefit required.
View Program →What makes cash-out work.
Equity lending is most of what we do.
Cash-out refinances and home equity lines are the majority of the loans Lendmire closes, which means the comparison between them is run every day, on real numbers: the new payment on a cash-out against the existing payment plus a line, the closing costs of each, and the leverage each program allows.
We work with multiple wholesale lenders, so a file that falls outside one program is placed in another — the 80% agency cash-out, the 89.99% wholesale lane, FHA, or VA — and the terms come in writing from a licensed loan officer before anything is signed.
Know before you borrow.
Guides, scenario breakdowns, and refinance strategy from our licensed loan officers.
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Tools to move from reading to action.
Mortgage calculator
Run the numbers on a refinance — including principal, interest, taxes, and insurance on the new loan.
Calculate Tool TwoGet a quote
Start a scenario review in under 30 seconds. A Lendmire loan officer follows up with the options in writing.
Start Tool ThreeCompare cash-out and HELOC
See how a cash-out refinance stacks up against a home equity line on the same equity, and which keeps more of your current loan.
CompareReady to put your equity to work?
In about 30 seconds you can review cash-out and home equity options for your home. No commitment required.
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