About Cash-out Refinance

Cash-out refinancing lets you access the equity in your home and get cash at closing. The existing home mortgage and any liens on the property are paid off and replaced with a new mortgage.

A refinance with cash out is an alternative to a home equity loan, also known as a “second mortgage,” because it’s a lien on your home like your existing mortgage.

A cash-out refinance comes with closing costs comparable to your first mortgage. You may also be eligible for a Smart Refinance, another cash-out refinance option with a no-closing-cost option.

Types of Cash-out Refinance

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Conventional Cash-out Refinancing

A conventional cash-out refinance is typically easier to obtain than an FHA or VA refinance, both of which have special eligibility guidelines. Even so, conventional cash-out refinances still have income and credit score requirements.

VA Cash-out Refinancing | FHA Cash-out Refinancing

If you qualify, government-backed FHA and VA cash-out refinances offer lucrative terms.

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Features of Cash-out Refinance

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Access funds to meet goals

Pay for college, renovate your home – there’s a lot you can do with a cash-out refinance.

Get a better rate

Take advantage of competitive rates for an economical way to fund major purchases and other needs.

Consolidate debt and simplify

Consolidate credit card balances, auto loans, student loans and other debt into a single monthly payment.

Home Improvement

Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.

Cash-out Refinance - Eligibility

Similar to when you applied for your original mortgage, you will be required to provide all of the necessary documents to prove your borrowing worthiness and you will be responsible for closing costs, though you may have the option to roll some costs into your loan amount.

No out of pocket expenses

You have the option to roll over closing costs into the loan!

Remove or Reduce PMI

Depending on your loan program you could receive significant savings on your mortgage insurance.

Credit Score Flexibility

Flexible terms for different credit scores

Frequently Ask Questions

Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. This makes second liens against your property more risky as home equity lines of credit have various interest rates. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore more risky. A cash-out refinance is not a second loan; it is a new first mortgage. It is usually a second loan and has a fixed rate.

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Try our refinance calculator to see if you have enough equity to reach your financial goal.

In general, the cash-out amount is calculated by subtracting the balance of your old loan from the amount of the new mortgage loan, although many other factors, such as applicable fees, the type of loan you get and your equity, can affect your final cash-out amount. A loan officer may be able to assist you with a proposal.

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. Cost of refinancing varies by scenario, typical costs that are included are: escrow, title, and lender fees.

Apply for a free prequalification and your loan officer can let you know the limits in your area

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Now apply for a Cash Out Refinance online, All you need to do is provide your details below application form.

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