Hire a Mortgage Broker to Shop Cash-Out Refinance Rates

Cash-out refinance rates vary among hundreds of mortgage lenders.

Knowing where to find competitive mortgage terms could save you thousands of dollars.  

When shopping for low-rate home loans, an experienced mortgage broker can save you time and money.

What is a Cash-Out Refinance?

A refinance transaction changes the terms of your original home loan. 

Unlike a rate and term refinance that lowers your mortgage payment or reduces the number of months to pay off your mortgage loan, a cash-out refinance borrows from the equity within your home. 

The new loan terms could still result in fewer months to pay off your mortgage loan or extend your loan for additional months.  

Homeowners often use the proceeds from a cash-out refinance to reduce high-interest rate debts, such as credit cards, personal loans or to pay for home improvements.

Cash-Out Refinance vs. Home Equity Loan

A mortgage broker can review your goals and financial situation to determine whether a cash-out refinance or a home equity loan is the better option.

With a cash-out refinance, you will have one mortgage loan and receive the proceeds in one lump-sum.

While a home equity loan would not incorporate your existing mortgage within the transaction, it becomes a second mortgage lien against your home.

Home equity loans typically have shorter repayment time frames, such a 10-year or a 15-year loan term.

Obtain a Cash-Out Refinance to Buy Investment Property 

Can you use the proceeds from a cash-out refinance to buy an investment property, such as a duplex or a commercial building?

Yes, you can.

Instead of using liquid assets toward the purchase of an investment property, it’s wise to leverage your existing property equity via a cash-out refinance to buy an investment property.

However, any changes to your loan terms to obtain cash-out could increase your monthly payment and increase the risk of losing your home if your payments are not made as agreed.

Cash-Out Refinance Rates

You might be wondering, how can I find lenders for a cash-out refinance near me?

Mindful Money helps homeowners obtain attractive cash-out refinance rates in Arizona, California and Colorado.

Samantha Cooley is a licensed mortgage broker who reviews wholesale rates and uses a cash-out refinance calculator to locate exceptional mortgage rates for homeowners.

Samantha has more than 20 years of experience in the mortgage industry.

Speak with Samantha about cash-out refinance rates today.