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
Paul W. GMFS Mortgage Customer
Friday August 31, 2018
GMFS Mortgage has been so easy to work with. I highly recommend financing your house through this lender. They are always available to answer questions by phone or in the office. They treat like a person not like another mortgage. [Zillow reviews]
kellylbourgeois GMFS Mortgage Customer
Thursday August 23, 2018
Ryan Larussa went above and beyond his duty. Ryan got us in touch with someone for a construction loan, which they do not service. Ryan would call and check on us and the progress of our house during the process. Then when we were ready to refinance Ryan and his staff went to work and got us refinanced without any issues. Everything went smooth at the closing. It was a great experience and pleasure working with them. [Zillow reviews]
Greg GMFS Mortgage Customer
Tuesday August 21, 2018
Very easy to work with, did everything in a timely manner.
Dawn W. GMFS Mortgage Customer
Monday August 20, 2018