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Your Home Equity Could Mean Extra Cash

CategoriesFinancial Education / Home Financing Tips / Refinance

Rebecca Squyres

May 31, 2019

Your Home Equity Could Mean Extra Cash with a Cash Out Refinance

With low rates and rising home values, now might be the perfect time to refinance.  Tap into your home’s equity to renovate your home, take a dream vacation, or simply pay off debt.  What would you do with the extra cash?

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

Contact a local GMFS Mortgage today for a FREE consulation and review of your current financial situation! 

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