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
I highly recommend GFMS Mortgage. Their team are professionals and communicate in detail what is needed to satisfy the underwriting process. This helped me to gather the information needed and made the refinancing quick and easy. A big thank you to Senior Mortgage Consultant Stephanie Chenevert for being so attentive and responsive to my calls. And thank you Jeanne Larborde with underwriting, who helped with the documents and signatures needed through docusign which was efficient and convenient. Thanks again, Talmadge C.
Talmadge C. GMFS Mortgage Customer
Thursday November 8, 2018
Thank you so much for all of your help. You were wonderful and so patient with me. I would definitely recommend you to anyone. Thank you again.
Cheryl D. GMFS Mortgage Customer
Friday November 2, 2018
We could not be happier with the service we received at GMFS Mortgage in COVINGTON, Josh and Christy were simply the best in every way …. true professionals that go above and beyond to make the home loan process less stressful!!! This was a tough refinance but their dedication to their clients made it all work out in the end !!!! Lots of referrals will be sent your way !!!!
Scott C. GMFS Mortgage Customer
Thursday November 1, 2018
Super fast closing with a great experience…couldn’t ask for more!! Thanks to Brad and Kate!!! Recommend GMFS Mortgage highly!
Deeya R. GMFS Mortgage Customer
Wednesday October 31, 2018
Raymond S. GMFS Mortgage Customer
Tuesday October 30, 2018
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