Cash-Out Refinance Loan
Through a cash-out refinance, you have the opportunity to access the equity in your home and receive a cash sum. This cash can be utilized for various purposes such as home repairs, renovations, funding education expenses, covering wedding costs, debt consolidation, or making significant purchases. It is advisable to wait for several years before considering this type of refinance. The longer you wait, the greater the equity in your home, which can lead to a more substantial cash-out amount. This refinancing option is applicable to both Conventional and FHA loans.
Why a Cash-Out Refinance?
Better Interest Rate
A cash-out refinance provides the opportunity to secure a more favorable interest rate. By refinancing your loan into a new mortgage, you increase the likelihood of obtaining the lowest interest rate that is available to you.
Tax Deduction
Increase your tax refund by opting for a cash out refinance, as the interest payments on your mortgage can be deducted from your taxes, unlike the interest on your credit card.
Improve Your Credit Score
When you utilize a cash-out refinance to pay off outstanding debts like credit cards, it can lead to an immediate improvement in your credit score.
Your Money, Your Choice
A cash-out refinance allows you to leverage your home's equity for purposes such as debt payoff, home improvements, or major expenses like weddings or education.
Steps to a Cash-Out Refinance:
01 Get Pre-Approved.
Our online application can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.