Cash Out Refinance
Cashing out refers to the refinancing of a loan where you can borrow additional money on your home if it has increased in value. For example, if your home is appraised at $100,000 and your 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 you less refinance costs.
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, make further home improvements, or to invest in more more real estate.
Home loans are typically the lowest interest loans on the market, so it's one of the best tools for borrowing money at the lowest cost.
How can we help?
If you are looking for this type of refinancing, Green Family Mortgage can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied and Non-owner occupied homes, with low affordable rates.