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, Mortgage Guru 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.

 
Kelly C. Markle

Kelly C. Markle

LOANSDIRECT

Home Loan Specialist
NMLS #482953 CA BRE #01253897
Direct: 714-343-3947
Fax: 714-464-4447
www.MortgageGuru.Properties
Download the Mortgage Guru App and do an MLS search from your phone / everything real estate: https://homestack.com/a/mortgageguru

 

Free Consultation

Complete this 30 second form to receive a no obligation consultation. We will analyze your situation and determine the best solution.

Free Newsletter Signup

Need More information

Call Us: (714) 343-3947

Email Us: Kelly@MortgageGuru.properties