A cash-out refinance allows you to access the equity you've built in your home by replacing your existing mortgage with a new one for a larger amount. The difference is paid to you as a lump sum of cash, providing financial flexibility for various needs.
Key Benefits of Cash-Out Refinancing:
Access Lump-Sum Cash: Use funds for home improvements, debt consolidation, college tuition, or other goals.
Lower Interest Rates: Potentially secure a lower rate compared to credit cards or personal loans.
Fixed Payments: Enjoy stable monthly payments with a fixed interest rate.
Debt Management: Pay off high-interest debt to improve your financial situation.
Invest in Your Home: Renovations funded by cash-out refinancing can increase your home's value.
Common Uses for Cash-Out Refinance:
Pay off high-interest credit card or medical debt.
Fund home improvements (e.g., kitchens, HVAC systems, or energy-efficient upgrades).
Cover education costs or student loans.
Buy investment properties or finance large purchases.
Eligibility:
Cash-out refinancing is available for most loan types, including:
Conventional
VA (up to 100% of home equity for qualified borrowers)
Jumbo
FHA
Why Choose Cash-Out Refinancing?
Cash-out refinancing is an excellent option for homeowners looking to turn their equity into financial opportunity. Whether you’re consolidating debt, investing in your home, or funding personal goals, this option offers
flexibility and security.
Calculate your monthly payment for fixed rate or adjustable rate loans.