Wells Fargo Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2 million; also available for second homes and investment properties.
As of January 20, 2023, Wells Fargo has exited the jumbo correspondent mortgage market and is no longer offering this loan program.
This loan program is not available in USA
Program Description
Wells Fargo funds jumbo mortgages for cash-out refinance loan amounts of up to $2 million. A jumbo cash-out refinance can help you access your home equity and use the proceeds however you see fit. Chase has 10, 15, 20, and 30-year fixed-rate and adjustable-rate options and allows for cash-out amounts up to $500,000. Upon closing on your loan, you’ll get funds you can use for other purposes.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
Wells Fargo Jumbo Cash-Out Refinance
Min. Credit Score
720
Min. Equity
20%
Max Loan Amount
$2,000,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Access your home equity on a high value home
- Convert an adjustable rate mortgage (ARM) to a fixed-rate mortgage
- Take advantage of lower interest rates, if available
- Stricter qualification guidelines than conventional
- Significant cash reserves required
Cash-Out Refinance
Your Current
Equity %
- 20%
Minimum RetainedEquity
=
Your Available
Cash-Out
A cash-out refinance allows you to access equity in your home and use the proceeds as you see fit. By registering for a free account, you can get a better idea of how much cash you could access when refinancing your home.
Program Availability
Wells Fargo Jumbo Cash-Out Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“Accessing the equity in your home could be an alternative to using other financing options with higher interest rates."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
43.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Refinancing?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Cash-out funds received at closing
- Ability to change current loan term
Additional Conditions
- Must have available equity to provide the cash-out option
- Minimum 20% equity required
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Wells Fargo Jumbo Rate-and-Term Refinance
Best For: Large Loan Amounts, Rate Reduction, High Credit Scores
Fixed and adjustable-rate jumbo refinancing for loan amounts up to $3 million—flexible qualification and competitive interest rates.
Bayview Jumbo AUS Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2.5 million; also available for second homes and investment properties.
Related Resources
2023 Cash-Out Refinance Guide
Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch