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  • Cash-Out Refinance: Examples

    A reduced mortgage payment means you have money for everything else in your life.

    Want to explore your options?

    Find answers quickly online

    Cash-Out Refinance is the most common method to use Equity in your home for items like Debt Consolidation with reducing your Rate.  


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    Eamples of a Cash-Out Refinance

    If you are like most, an example always allows the unknown to be known. 

    • Complete home improvement projects

    You can make the best use of cash-out mortgages, when financing your home improvement project. This is definitely a good investment for every homeowner.

    You can design a master bedroom at home which can cost up to $ 100,000. You can repair or improve your kitchen at a cost of $ 60,000. You can also remodel your bathroom or other property.

    This project will further increase the value of your home. You are increasing your real estate investment by spending money on your home. Above all, it is wise to invest in cash-out refinancing cash house development. If your project is small then home equity loan or HELOC will be the best program. 

    • Pay off high-interest credit card debt

    Cash-out refinance can be a powerful tool when you use its cash to pay the highest interest rates, such as your personal loan or credit card loan.

    Since the lender will give you a loan by keeping your home as collateral, its interest rate is comparatively lower than other loans. Therefore, borrowers repay the largest interest rate loans in cash.

    Credit card interest rates range from 20%, while mortgage rates range from 3% to 5%. In addition, the amount of monthly payment in the mortgage loan is less.

    Here are some popular strategies for repaying credit card loans:

    • Pay off all your credit card loans.
    • Use regular credit repayments to pay off credit card loans.

    Popular Loan Options for Lowering Your Mortgage Payment​

    • FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
    • 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
    • Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
    • VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!

    What else you can do if you’re underwater

    If you owe more than the market value on your home, there are more options to consider.
    • Talk to your lender about restructuring your loan. That just means you and your lender agree to lower or delay your payments on your existing mortgage. Be sure to ask what fees apply.
    • Consider a short sale. This would allow you to sell your home at its current market value and have your loan balance forgiven by your lender. The positives are that you’ll avoid a foreclosure and potential big hit on your credit score. Keep in mind that you won’t earn a profit off the sale of your home and it’s up to your lender to decide if you’re eligible.
    • Try to increase your monthly payments to pay down your principal. This will help to reduce your loan balance so that it’s lower than the value of your home. There are no fees involved in this option.

    Why Choose Cash-Out Refinance

    • You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
    • Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
    • After you close your loan, you can manage your mortgage online without any hidden fees.
    • Our Affiliate Lenders service 99% of their mortgages, which means you can expect our great customer service to continue after you close.

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