Cash Out Refinance

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.
Cash out refinancing is a great example of just one of the benefits of home ownership. As you pay your mortgage, you not only consistently build credit, you are building a real investment, and actual home equity that could one day come in useful should you need it.

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, Mid America Mortgage Southwest, Inc. 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.

 
 

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