Refi cash out mortgage rates

refi cash out mortgage rates

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Is A Cash Out Refinance Right For You?

Whether you are looking to receive cash out from the increased value of your home or use it for debt consolidation, a cash out refinance could be the perfect solution for you. As opposed to a standard rate and term refinance where the existing loan balance is kept intact, a cash out refinance allows a borrower to tap directly into the equity of their home. Cash out refinancing offers complete flexibility and personalization as the cash can be used for home improvements, reduction of rate or monthly payment, or many other options

  • Get Cash Out of Your Home.
  • Combine Your First & 2nd Mortgage.
  • Home Improvements.
  • Pay Off Debt.

If you think a cash out refinance is the option for you, or if you want to find out more information on your cash out options, get in contact with one of our experienced mortgage professionals today! Based off of your personal situation and financial needs, one of our representatives will be able to guide you through the process and help you decide on the best option for your situation.

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Refi cash out mortgage rates

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Refi cash out mortgage rates

Loans can be a scary business. Let us help take out some of the fear of the unknown. Call one of our live and local Loan Specialists, or fill out a Quick-Form and we’ll contact you.

Refi cash out mortgage rates

Loans can be a scary business. Let us help take out some of the fear of the unknown. Call one of our live and local Loan Specialists, or fill out a Quick-Form and we’ll contact you.

Cash Out Refi - Get Your Hands on Some Cash

Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage -- in effect, tapping your home equity, or cashing out in mortgage speak. Thanks to favorable rates, you may be able to do so without boosting your monthly outlay. For example, at 8.5%, the payment on a $200,000, 30-year fixed rate mortgage is $1,538. But at 7.5%, that same payment lets you borrow nearly $20,000 more.

The content on this site is provided for informational purposes only and is not legal or professional advice. Advertised rates on this site are provided by the third party advertiser and not by us. We do not guarantee that the loan terms or rates listed on this site are the best terms or lowest rates available in the market. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Not all applicants will be approved and individual loan terms may vary. Users are encouraged to use their best judgment in evaluating any third party services or advertisers on this site before submitting any information to any third party.

Borrowing Basics: Home Equity Loans vs. Cash Out Refinancing

You’ve probably heard that owning a home is a smart investment – but you don’t always have to wait to sell your home to see the returns. You may be able to use the equity in your home right now to borrow large amounts of money for major expenses like home improvements, automobiles, vacations, college tuition or weddings. You may also be able to consolidate your existing debt – like credit cards or student loans – at a lower interest rate.

As a homeowner, you have two main borrowing options: home equity loans and cash out refinancing. The option you choose largely depends on your situation and your goals. For instance, do you need money quickly, or are you mainly looking to reduce your monthly payments?

Before you make any decisions, know what’s involved with each option and the differences between them.

Home Equity Loans: Fast and Flexible

Think of a home equity loan like a second mortgage – although typically smaller than a primary mortgage – that comes in two varieties:

  • With a traditional home equity loan, you can borrow a large lump sum of cash and then repay the amount in monthly installments at a fixed interest rate, usually over 10 to 15 years. The interest rate may be higher, though, than a fixed rate home mortgage.
  • A home equity line of credit (HELOC) offers a bit more flexibility. It functions like a credit card, but features a lower, variable interest rate. You can draw cash as you need it from a HELOC, and you only pay interest on the amount you borrow.

These home equity borrowing options may work well for you if today’s interest rates are either the same as or lower than your current mortgage interest rate. Home equity loans also tend to result in cash quickly: Lenders can typically approve and fund home equity loans faster than they can refinance your mortgage. As an added bonus, the interest on your home equity loan may be tax deductible, so be sure to consult a tax expert for advice.

Cash Out Refinancing: Borrow Now, Save Later

Cash out refinancing allows you to get extra cash by obtaining a new loan for a balance larger than the one on your existing mortgage. You can then use the cash for anything from home improvements to college tuition. In the end, you will have one new mortgage that covers both your primary home loan and the loan for the additional money.

You may find this option attractive if you’re looking for a considerably large sum of money and a lower mortgage interest rate. If rates are lower than what you pay now by one percent or more, you could notice a positive difference in your monthly cash flow.

Refinancing may also make sense if you want to repay your mortgage over a shorter period of time or if you currently have an adjustable rate mortgage and anticipate interest rates rising. Switching to a fixed rate mortgage may give you more stability at a lower rate.

You also have the ability to refinance your current mortgage without the cash out option – enabling you to take advantage of lower interest rates without increasing your debt.

So which choice should you go with? Everything comes back to your short-term needs and long-term goals. If you have questions about your borrowing options or you would like to talk with an experienced loan consultant, call us at (800) 210-8849.

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