What is a cash-out refinance?

A cash-out refinance is a type of refinance in which the homeowner can convert their home equity into cash. It replaces your current mortgage with a new mortgage that's for more than what you owe on your existing home loan. Upon closing, you'll receive the cash difference between the new amount borrowed and the loan balance. Cash-out refinances can be helpful in paying for major expenses like a home renovation or college tuition. Likewise, it allows homeowners to update their mortgage rate and term. If you’re interested in a cash-out refi, get started here.

What credit score do I need for a loan with Defy Mortgage?

To qualify for a conventional loan with Defy Mortgage, you will need a credit score of 620 or higher. The minimum credit score to be eligible for a jumbo loan is 700. If you have a lower credit score than 620, you might be better suited for an FHA loan where the minimum credit score requirement is 580. We offer FHA loans so please be sure to discuss this with your Defy team point of contact.

Do you offer loans for investment properties?

Yes. If you are a homebuyer looking to purchase an investment property, we would be happy to help you. Get started

How can I find out how much home I qualify for?

Our Defy Mortgage lending team will work with you to quickly identify the maximum loan you're able to qualify for based on the financial information you provide. 

What documents do I need to provide to be approved?

The specifics will depend on your unique situation, but typically, the following documents are required:

  • One to two years’ tax returns via a Form 4506-T
  • Proof of income - paystubs, W2’s, 1099, etc.
  • One to two months of bank statements and other assets
  • Gift letters, if applicable
  • Rental history, if applicable

We may need other documentation, but at least be prepared with the first three docs listed in the previous sentence.

How does Defy Mortgage determine my mortgage rate?

There are various factors that go into determining your interest rate. For example: credit score, home location and price, loan amount, down payment, loan type and term, interest rate type. Everyone's situation is different and our Defy Mortgage team is well equipped to help get you the best interest rate depending on your unique situation.