Finance Home Improvements

A Cash-Out Refinance of an existing mortgage can provide the money you need at an attractive interest rate and payment. Boost your home’s value. Transform home equity into cash. Avoid high-interest debt.

To learn more call 888-546-2634

What is a Cash-Out Refinance?

It’s a refinance of an existing mortgage that enables you to access some of the equity in your home.The new loan is for more money than you owe on your current mortgage, and you receive the difference in cash.

Funds from a Cash-Out Refinance may be used to:

Finance home improvements or other major household projects
Pay for a wedding, college tuition, medical bills, or other large expenses
Pay off high-interest credit cards or auto loans
Invest in an additional property or business venture
Maintain extra cash for emergencies

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Cash-Out Refinance vs. Home Equity Loans

A Cash-Out Refinance is a new, first mortgage. A Home Equity Loan and a Home Equity Line of Credit (HELOC) are two alternatives that allow you to access cash through a second mortgage while your current mortgage remains unchanged. A Cash-Out Refinance may offer a lower interest rate and simpler terms. However, if the amount of equity you want to access is small, a Home Equity Loan may make more sense.

How do you determine the best option? It depends. One of our knowledgeable Mortgage Consultants can help you explore both options and find the one best suited to your individual financial situation.

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