Cash from equity without giving up a good first mortgage: second lien or cash-out refinance
When the first lien is jumbo
The short version
With a jumbo first mortgage, the stakes of replacing it are larger because the new rate applies to a big balance. Jumbo cash-out refinances follow each lender's own limits on loan-to-value and cash, and fewer lenders offer large HELOCs. Ask several lenders about maximum line sizes and cash-out caps before deciding.
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Questions for lenders
- What is your maximum cash-out on a jumbo refinance?
- What is the largest HELOC you offer behind a jumbo first?
- What reserves do you require?
Lien questions
Is it harder to get a HELOC on a jumbo mortgage?
Fewer lenders offer large lines, so you may need to ask more of them.