Use the quick & easy tool below to find out what you qualify for.
A cash-out refinance can help you in several ways, such as:
A HELOC or home equity line of credit, is a mortgage in second position. That means they are usually riskier loans and thus have variable rates or higher fixed rates. They can also be closed at any time for any reason, and have loan to value caps. A cash-out refinance pays off your old mortgage and gets you the cash for the difference.
The cash out amount is the difference between your appraised value, your payoffs of your old mortgage, any debts you are paying off and your closing costs.
Equity is your ownership stake in your home. It is the difference between what your home would sell for, or the appraised value minus what you owe. You can use that equity to consolidate high interest debt and thus lower your overall interest rate.
You will pay standard closing costs like any other mortgage. However unlike when you bought your home, you can use your equity to pay these costs. In general, the only out of pocket fee would be your appraisal.
Want to learn about your refinance options? Click HERE or call us at 772-618-5058!
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of "43/49." This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment). VA and FHA loans even allow for higher debt ratios on a case by case basis.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
