Did you know you can get cash out of your home with a Cash-Out Refinance? You can use this money for home repairs, college tuition, medical bills and more! Find out more today about our available mortgage refinance programs.
The things you can do with a cash-out refinance are all good:
Mortgage refinancing with a cash-out option allows you to access the equity in your home as liquid funds. You get paid in cash for the difference between the amount of your new mortgage and your old one.
Getting a new mortgage in place of an old one is a common practice known as refinancing, and it usually results in better terms for the borrower. Refinancing a mortgage can help you save money by lowering your interest rate, extending the length of your loan term, eliminating or adding borrowers, and, in the case of a cash-out refinance, allowing you to borrow money against the equity in your home.
With a cash-out refinance, you can take out a new mortgage for a higher amount than you currently owe on your home, using the equity in your home as collateral. Using the value of your home as collateral can be a quick and painless way to get the money you need quickly.
Jacksonville Mortgage Lenders are available to work with borrowers who are looking to refinance their mortgage and take out some cash. Lenders consider the borrower’s financial history, the remaining loan balance, and the terms of the existing mortgage when making their decision. Following completion of the underwriting process, the lender extends an offer. The borrower receives a new loan to cover the outstanding balance of the old loan and is locked into a new repayment schedule. The surplus is paid out as a lump sum in cash after the mortgage is repaid.
The only tangible benefit from a typical mortgage refinance is a lower monthly payment, as the borrower receives no cash outright. While a cash-out refinance’s proceeds are technically their owner’s to do with as they please, the majority of borrowers use them to cover large, unexpected expenses like those associated with higher education or healthcare, reduce their overall debt load, or set aside money for unexpected events.
What you have in equity in your home is its current market value minus any mortgage or other loan balances. Equity changes depend on the local housing market.
When you take cash out of a refinance, you can put the money toward anything you like. Many borrowers put the money toward a major purchase, like a home improvement, a car, or a piece of furniture, or they put it toward debt repayment or into an emergency savings account.
Please contact one of our experienced Jacksonville mortgage loan representatives right away if you or someone you care about is in need of a Jacksonville mortgage loan. Bayway Mortgage Group has been helping people like you buy their dream homes for more than a decade. Please get in touch with us as soon as possible!