Cash-Out Refinancing: Is It Right for You?

Are you looking for a way to consolidate your debt? Start your own home-based business? Add an extra room onto the house for the baby that’s on the way? Whatever your need is for money, you may be able to get that cash by tapping into your home’s equity by considering what your refinance home mortgage options are.

Cash-Out Refinancing Explained

Cash out refinancing is simply taking your current mortgage, paying it off completely, and replacing it with a new, bigger one. When the loan closes for the new mortgage, you will receive the extra money, which can be used for whatever your heart desires. And, obviously, the more equity in your home you have, the larger sum of cash you can get in your hands.

In many cases, you will have a lower interest rate with a cash-out refinance than you would with a home equity loan and you can find loans with fixed or adjustable rates. However, the fees may actually be higher than a typical mortgage refinance. Keep in mind that most programs will only allow homeowners to refinance no more than 80% of the home’s worth.

If you think that a cash-out refinance mortgage may sound like something that you would benefit from, talk to a professional at Orange County Avis Lending today. We will assess your individual situation as well as financial needs and work with you to determine the best possible option for your personal situation.

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