Cash-Out Refinance
Access your home's equity by refinancing your mortgage for more than you owe and taking the difference in cash.
Check Cash-Out Refinance RatesWhat is a Cash-Out Refinance?
A cash-out refinance replaces your current mortgage with a new, larger loan. You receive the difference between the two loans in a lump sum of cash.
You can typically borrow up to 80% of your home's appraised value. The cash can be used for anything: home improvements, paying off high-interest credit card debt, or funding education.
Who is this for?
Homeowners with significant equity who need a large sum of cash and want to take advantage of lower mortgage interest rates compared to personal loans.
Pros
- Interest rates are much lower than credit cards or personal loans
- Mortgage interest may be tax-deductible if used for home improvements
- Get a lump sum of cash for immediate use
- Consolidating debt can improve your credit score
Cons
- Increases your mortgage debt and reduces your home equity
- Puts your home at risk if you fail to repay the new, larger loan
- You pay closing costs on the entire new loan amount
- May result in a higher interest rate than your original mortgage
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