Unlock your home's equity with a cash-out refinance! Convert part of your home equity into cash for home improvements, debt consolidation, or other financial needs while potentially lowering your interest rate.
Cash Out Refinance
Cash Out Refinance
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home.
If a home is appraised at $100,000 and the borrower’s outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000).
The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses.
The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it’s tax-deductible.
How can we help?
If you are looking for this type of refinancing, Access Mortgage Services, LLC can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes and Non-owner occupied homes, with low, affordable rates.
Lower Your Interest Rate
If mortgage rates have dropped since you got your original loan, refinancing to a lower interest rate can lead to significant savings over the life of your loan. Even a small change in the rate can make a big difference.
Shorten Your Loan Term
Refinancing from a 30-year mortgage to a 15-year mortgage can help you own your house outright faster. This also builds your equity more quickly. You'll pay less overall interest with a shorter term, even though your monthly payments may be higher.
Tap Into Your Home's Equity
(Cash-Out Refinance)
If you need cash, a cash-out refinance lets you access the equity you've built in your home. This money can be used for major renovations, to consolidate debt, or for other major expenses. Be aware that a cash-out refinance means you'll be taking on a larger mortgage.
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