Cash-Out Refinance is when you use your home’s equity to refinance for more than the outstanding balance owed on your current mortgage. Then, after paying off your original mortgage, the amount left over is used to payoff your other debt or for other needs (e.g. remodel, tuition, your business, etc.)
Cash-out Refinance Features
A cash-out refinance is a new first mortgage, not a second lien loan such as a Home Equity loan or HELOC
In general, the more home equity you have, the more money your cashout refinance may provide
Use the extra cash as you need–consolidate debt, remodel, tuition, even buy a second home
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Mortgage Refinance Resources
I had a great experience on my recent refi. Everything was smooth and quick. All your staff were very helpful and responded quickly to all my questions. Clayton was fabulous to deal with.
Justin M. GMFS Mortgage Customer
Sunday July 1, 2018
Very helpful with my mortgage and more than willing to provide services. Would d recommend to a friend seeking a mortgage or refinance.
Guy C. GMFS Mortgage Customer
Wednesday June 20, 2018
quick responses to questions, knowledge of programs, awesome to work with
Timothy I. GMFS Mortgage Customer
Sunday June 17, 2018
Heather took excellent care of us. She navigated is through a difficult re-fy due to paying off some debt and a short business history after retiring from a large company. She knew what do each step and was always calm and professional.
Kent S. GMFS Mortgage Customer
Wednesday May 23, 2018
Stephanie was wonderful!! Answered all of my questions promptly and got us through the process efficiently and in a timely manner.
Christine T. GMFS Mortgage Customer
Tuesday May 15, 2018
Over 89,000 customers and $14.9 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
A+ rating with BBB and winner of Torch Award for Marketplace Trust
GMFS staff has an avg. of 14+ years of mortgage industry experience