Cash Out Refinance
Categories: Blog Posts, Resources, Tips
Have you considered tapping into your home equity? A cash out refinance can give you the money you need by replacing your current mortgage with a larger one. Just to clarify, you receive the difference in cash.
Reasons to choose a cash out refinance:
First, You need a large sum of money all at once
Second, Fixed monthly payments
Third, Payments are included within the life of the mortgage
Fourth, Receive up to 75% LTV
Downsides of choosing a cash out refinance:
More paperwork
Closing in 3-4 weeks
Interest on mortgage will increase
Is this the right financial move for you?
First and foremost, think about your goals. Next, take into consideration how much money you need. Finally determine how quickly you plan to repay the loan. While a cash out refinance is a good choice for some, there are other options that might save you money in the long run.
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Is a cash out refinance right for you? Contact us today to find out more, as well as learn about your different financing options.
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