Want Cash? Get Cash with a cash-out refinance!
Show me the facts:
As you probably know – life is a crazy wonderful place with a ton of unexpected expenses. If you’ve built up equity over the years you may qualify for a refinance program that allows you to borrow some of the difference between the amount you owe on your home and the current value of the property. If you haven’t guessed what that refinancing program is by now it’s, cash-out.
- Could help you pay for other major expenses.
- Consolidate debt or pay off other high-interest loans.
- Could be a great option if you have equity in your home.
Do I qualify?
First and foremost you have to have enough equity in your home to be eligible to borrow the amount of your current mortgage plus the amount you would like to use as cash. Your current property value will be determined by an appraisal – done by a third party appraiser, no cheating on this one!
Secondly, you will need to show that you will be able to repay this new mortgage as agreed upon. As it goes for all loans – credit score, income, other debts, current assets, and more will be examined during the loan application process.