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As a homeowner, you’re able to use the equity you’ve built in your home to your advantage. Use it to make improvements on your home, like a new roof or driveway. You can also add it to your savings, or use it to make other large purchases.
Our low rates and fees help you save even more on your refinance.
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With a cash-out refi loan, you take out a loan amount larger than what you currently owe on your home and you keep the difference. You can use this extra cash for bills, home repairs or anything else you may need to make payments on.
Imagine you have a home mortgage with a starting principal of $200,000. For this example, assume there is no interest accruing. Over the years, you've paid off $120,000, giving you equity of $120,000 and an outstanding loan of $80,000 to pay off. Your family has decided to make some home renovations totaling about $25,000.
If you were to get approved for a cash-out refi, you would have a new loan amount of $105,000 and immediately receive the $25,000 you need to get your renovations underway.
The first step to qualifying for a cash-out refinance loan is getting your home appraised. Property values are constantly changing based on the housing market, so your home's value may be different now than when you first bought it. Other than updated home equity, things you should have on hand include:
Normal loan refinancing may lower your mortgage payments, but you won't see any of the money you're saving or be able to use it for large purchases. When you decide on a cash-out refi, you may benefit from:
