Cash-Out Refinance
Cash-Out Refinance allows homeowners to refinance their mortgage for more than they owe and take the difference in cash. It's an excellent way to access equity for large expenses.
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Benefits
- Access to cash for renovations, debt consolidation, or other large expenses.
- Potentially lower interest rates compared to other forms of credit.
- Fixed-rate repayment.
Eligibility/Requirements
- Significant home equity
- Good credit score
- Stable income
- DTI ratio within acceptable limits.
Here’s an example
Linda decides to refinance her mortgage to fund her son's college education. She opts for a Cash-Out Refinance with Hometown Mortgage, tapping into her home's equity and securing the funds needed at a lower interest rate than a personal loan.