A cash-out refinance allows you to take cash out from the equity in your home in the form of a new loan. You can use the cash for anything you need from debt consolidation, to paying for college or medical bills. You can use the cash for a home improvement project or just to ease a current financial burden.
Unlike a home equity line of credit (HELOC), you will only have 1 monthly mortgage payment with a cash-out refi.
In order to qualify, you must have at least 20% equity (80% LTV) in the home after you take the cash out.
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