A Cash-Out Refinance can be a smart way to consolidate debt, make renovations to a home, pay for a child’s college tuition or provide funds for just about anything. When a homeowner wants to turn their home’s equity into cash, they can refinance their current mortgage for more than the outstanding balance. The difference between the two loans is then paid directly to the homeowner.
Qualified homeowners who typically have significant equity in their home; generally accomplished by being in the home for a long period of time, having made sizeable principal only payments over time, or the house has significantly increased in value.
Primary residence, second homes and investment properties, single-family properties, condos and townhomes, and Planned Unit Developments (PUDs); maximum loan amounts up to $2,000,000.
When the time is right for you and your personal situation, a Cash Out Refinance may be a smart option to help handle a major life event, take the vacation of a lifetime, or even invest in a business. How you use the cash is entirely up to you.
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Branch Near You.