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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Professional and Friendly. Kept us informed all the way through the refinancing process!
Jerry T. GMFS Mortgage Customer
Tuesday March 22, 2022
GMFS team are the best. Ryan was my go to person. He made everything seem so easy. He was always available to answer any questions and he explained everything so I understood. He was my loan officer for the purchase and refinance. I would highly recommend Ryan and his team to anyone who’s looking to buy or refinance!
Gloria T. GMFS Mortgage Customer
Saturday March 5, 2022
GMFS has services my family members. This was first time using them. They efficiently worked to close my refi on time. Their service is top notch.
Julie D. GMFS Mortgage Customer
Monday February 28, 2022
GMFS in Covington is so easy to work with. I would highly recommend them if you are looking to purchase or refinance any time soon!
James B. GMFS Mortgage Customer
Wednesday December 29, 2021
GMFS accurately processed our cash-out refinance, quickly and easily. They offered a great interest rate and conducted all the document submittals, reviews, and signings electronically. We only had to appear in person for the 30 minute closing. The was an excellent experience.
David H. GMFS Mortgage Customer
Thursday November 11, 2021
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