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Cash-Out Refinance

Many times, it makes sense for a homeowner to take equity out of their current residence in order to use it for something else such as paying off credit card or other debt, making home improvements, or making a purchase of a vehicle. This is called a cash-out refinance.

Obviously, you must have available equity in your home, and typically your loan-to-value cannot exceed 80%. If you take cash out in the form of an equity line while leaving your current mortgage in place, you can go up to 90%(or higher) of value.

Just remember, you usually can't borrow money at any better terms than if you borrow against your homestead! If you have equity in your home, contact one of our mortgage specialists today to find out how you can take advantage of the cash-out finance loan program.

 
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