Cash-Out Refinance

Is A Cash-Out Refinance a Good Idea?

If you plan to keep your home for a longer time frame than your break-even costs for the loan, a cash-out refinance can provide an affordable way to reach your goals.

Reasons to Get a Cash-Out Refinance

You could borrow against your home’s equity for a variety of reasons. Perhaps, you want to consolidate high-interest rate debts, remodel your home or take a luxury cruise.

Borrowing money against the equity in your home is an affordable way to obtain a lump-sum of cash to use toward your financial goals.

Unlike a second mortgage or a home equity line of credit, a cash-out refinance loan enables you to obtain the money that you need without having multiple mortgage payments.

How do I Get a Cash-Out Refinance?

Working with a licensed mortgage broker can reduce the amount of time that you would spend toward shopping for competitive mortgage rates.

You will need to complete a mortgage application that will be reviewed to determine your qualifications for a home loan with cash-out.

Your mortgage broker will need copies of your recent bank statements, paystubs, W-2’s and tax returns for the past two tears.

An appraisal will be ordered to determine the value of your home and how much you can borrow.

It is important to consider that a larger home loan may have a higher monthly payment and you could risk losing your home, if your mortgage loan goes into default.

Mindful Money offers affordable home loans and a convenient process for homeowners who want to obtain a cash-out refinance in Arizona, California or Colorado.

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