What Is a Cash-Out Refinance? A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up in their home into cash.
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A cash-out refinance is a mortgage refinancing option in which the new mortgage is for a larger amount than the existing loan in order to convert home equity into cash.
The cash-out refinance loan is a loan that refinances your first mortgage into a larger mortgage, and allows you to take the difference in cash. Assuming you have an adequate amount of equity in your home, a cash-out refinance loan enables you to: Pay off your existing mortgage.
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Assuming your credit is good, you can do what is called a cash-out refinance. Let’s say you purchased a home for $250,000 and it now has a market value of $300,000. When you took out the mortgage, you made a down payment of $50,000 and you’ve paid another $50,000 toward the principal.
A Texas cash-out refinance loan is also called a Section 50(a)(6) loan. With this option, you refinance your current mortgage while also tapping into your home’s equity.
Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.
Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.
The FHA cash-out refinance option allows homeowners to pay off their existing mortgage, and create a larger home loan that provides them with extra cash. The amount of money that can be borrowed depends on the amount of equity that’s been built up in the home’s value.