Unlock Your Home's Value
What is Cash-Out Refinancing?
Cash-Out Refinancing is a mortgage refinancing option where you replace your existing mortgage with a new, larger loan, using the difference between the new loan amount and your current mortgage balance as cash. This can be an effective way to access funds for home improvements, debt consolidation, or other significant expenses.
Key Features:
Access Home Equity: Convert a portion of your home’s equity into cash, which can be used for a variety of purposes, such as renovations, debt consolidation, or major purchases.
Lower Interest Rates: Potentially secure a lower interest rate on your new mortgage compared to your current rate, which can reduce your monthly payments.
Flexible Loan Amounts: Borrow up to a certain percentage of your home’s equity, depending on the lender’s terms and your financial situation.
Single Monthly Payment: Combine your existing mortgage and new loan into one monthly payment, simplifying your financial management.
Potential Tax Benefits: Interest on the new loan may be tax-deductible, depending on your financial situation and current tax laws.
Cash-Out Refinancing Terms:
Loan Amount: Based on your home’s equity and the amount needed, up to a certain percentage of the home’s value.
Loan Term: Typically 15 to 30 years, with options for shorter or longer terms depending on your needs.
Interest Rate: Competitive fixed or adjustable rates determined by your credit profile and market conditions.
Eligibility Requirements: Proof of income, credit history, home equity, and ability to repay the new loan.
Additional Costs: Appraisal fees, closing costs, and other associated expenses.
Tap into the equity in your home and use it whether that’s paying off debts, making home improvements, or financing a major purchase.”
