Home Refinance Loans without the Hassle!
Need refinancing options on a home, or other real estate? Choosing a refinance product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We’re here to make the home refinance process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE refinance analysis request.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether this is your first refinance or 7th.
The Home Refinance Process
Here’s how our home refinance process works:
- Complete our simple home refinance analysis request
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Paying down your mortgage helps build equity in your home (one of the reasons a mortgage is considered "good" debt to have). But you don't have to wait to completely repay your mortgage or sell your home to access that equity. You can convert what equity you have into cash and continue paying off your mortgage with cash-out refinancing.
Key takeaways
- Cash-out refinancing allows you to turn equity into cash through refinancing your mortgage
- While you can’t cash out all of your equity, it does give you access to more cash fast
- The terms of your refinanced mortgage might be significantly different than your original loan, including a different rate or loan period
What is a cash-out refinance?
Cash-out refinancing replaces your current home mortgage with another, bigger mortgage, allowing you to access the difference between the two loans (your current one and the new one) in cash. The cash amount is based on the value of the equity you've built up in your home. The money can go toward virtually any purpose, such as home remodeling, consolidating high-interest debt or other financial needs.
How does a cash-out refinance work?
The process for a cash-out refinance is similar to that of a regular refinance of a mortgage (aka a rate-and-term refinance), in which you simply replace your existing loan with a new one, usually at a lower interest rate or for a shorter loan term, or both. With a cash-out refinance, though, you also withdraw a portion of your home's equity in a lump sum. So, your new loan amount will be higher - by the amount equal to the equity you're drawing upon.