What is a Cash Out Refinance?
A 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
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Found the service to re-finance my home loan to be fast and efficient. Our loan officer Will Goodwin was straight forward and courteous. Highly recommended!
Joseph R. GMFS Mortgage Customer
Monday August 24, 2020
This is the second time we have refinanced our home with Matt Browning at GMFS and the entire experience was great! Matt Browning is a true professional and I would not hesitate to use him and GMFS again. Thanks
Curtis A. GMFS Mortgage Customer
Wednesday November 27, 2019
Lance did an excellent job for us on refinancing our house. He was able to address our requests and questions, as well as keeping us well informed with the progress.
Kathleen C. GMFS Mortgage Customer
Tuesday November 26, 2019
I’m not always able to answer my phone or call back during business hours but he made communicating very easy because of email & text . Very pleasant, informative, and patient
Crystal P. GMFS Mortgage Customer
Wednesday April 3, 2019
Aaron and Charmayne made this process quick and simple.
Steven A. GMFS Mortgage Customer
Tuesday April 2, 2019
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