Conventional Cash-Out Refinance

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Conventional Cash-Out Refinance

Get Pre-Qualified Today &
Shop with Confidence!

The Lowdown on Cash-Out Refi…

A conventional cash-out refinance is a mortgage where the borrower pulls out equity from the property in the form of cash. With the same refinance, the borrower can lower the rate or change the loan term length, if current interest rates allow. Typically, cash-out refinances are viewed as higher risk, and have higher interest rates associated with them.

The Lowdown on
Cash-Out Refi…

A conventional cash-out refinance is a mortgage where the borrower pulls out equity from the property in the form of cash. With the same refinance, the borrower can lower the rate or change the loan term length, if current interest rates allow. Typically, cash-out refinances are viewed as higher risk, and have higher interest rates associated with them.

Our Cash-Out Refi Rates Are Low & Our Process is Quick

Using the equity in your home is a great way to get quick access to cash, but it’s also important to decide whether a cash-out refinance makes sense for you overall. The most important question to ask is, “What are my goals?”

If you’re looking to use cash to fund an exotic vacation, cash-out refinancing may not be worth the potential long-term cost. However, if you’re planning to use the money to pay off high-interest debt or renovate your home, the monthly payment savings or home value might make long-term financial sense. If a consumer refinances their existing loan, the consumer’s total finance charges may be higher over the life of the loan.

Our Cash-Out Refi
Rates Are Low &
Our Process is Quick

Using the equity in your home is a great way to get quick access to cash, but it’s also important to decide whether a cash-out refinance makes sense for you overall. The most important question to ask is, “What are my goals?”

If you’re looking to use cash to fund an exotic vacation, cash-out refinancing may not be worth the potential long-term cost. However, if you’re planning to use the money to pay off high-interest debt or renovate your home, the monthly payment savings or home value might make long-term financial sense.

What is required for an Cash-Out Refi?

Let’s look at how a cash-out refinance works. As an example, a borrower with a $200,000 loan wishes open a bigger loan of $250,000 because he needs some cash.

In this example, let’s suppose closing costs are $3,000 and the money needed to pay off the existing loan is $200,000. The net cash the borrower receives after the refinance is $47,000.

Cash out refinance loans can be opened on primary residences, second homes, and investment (rental) properties. For investment properties, more than 20% equity is typically needed.

What’s required for
Cash-Out Refi?

Let’s look at how a cash-out refinance works. As an example, a borrower with a $200,000 loan wishes open a bigger loan of $250,000 because he needs some cash.

In this example, let’s suppose closing costs are $3,000 and the money needed to pay off the existing loan is $200,000. The net cash the borrower receives after the refinance is $47,000.

Cash out refinance loans can be opened on primary residences, second homes, and investment (rental) properties. For investment properties, more than 20% equity is typically needed.

The Cash-Out Refinance Process

Here’s how our home loan process works:

  • Complete our simple Cash-Out Refi Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the mortgage loan offer that best fits your needs

If purchasing a home, you can now start shopping with confidence with an Elite Realtor to find your perfect home.

The Cash-Out
Refinance Process

Here’s how our home loan process works:

  • Complete our simple Cash-Out Refi Qualifier
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the mortgage loan offer that best fits your needs

If purchasing a home, you can now start shopping with confidence with an Elite Realtor to find your perfect home.

Get Your FREE Loan Quote Now!

Get Your FREE
Loan Quote Now!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

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