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
Laura R. GMFS Mortgage Customer
Thursday January 3, 2019
Gerald M. GMFS Mortgage Customer
Saturday December 29, 2018
Steve Foreman was great to deal with. He made the refinancing process very early and friendly. The automated signature system is a very nice and efficient way of signing the necessary documents in the refinancing process. I would highly recommend Steve Foreman and GMFS Mortgage to anyone looking for a home loan or a home refinance.
Ronnie D. GMFS Mortgage Customer
Friday December 28, 2018
Grant Faul did a wonderful job.i really appreciate what he did to save my house. Grant is the best man I ever delt with he don’t give up until the job is finished .
Eddie M. GMFS Mortgage Customer
Thursday December 13, 2018
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