Home Equity

What is a Cash out refinance?
A cash out refinance will replace an existing home by refinancing with a new and larger loan. By taking a loan that is more than what you currently owe on the existing loan. This is a very attractive way to gain a significant amount of money or liquid cash at a favorable interest rate.

Reasons to do a Cash out refinance?
the lender provides the borrower with cash that can be used for debt consolidation, home improvements, furthering education, or other investment opportunities that can improve your overall financial situation. All while enjoying lower interest rates compared to personal, or credit card loans.

What is a rate and term Refinance?
A rate and term refinance essentially means you are paying off your existing balance with a new loan. The borrower can lower interest rates, and or even change the terms to better suit you. Cash-out refinances are driven more by home values. Rate and Term loans are driven in response to a decline in market interest rates, or a change in the borrower’s circumstances. 

Reason to do a rate and term refinance
Rate and term loans allow for the pointel of lowering interest rates, and provide more favorable terms on the mortgage while the balance on the principle remains constant. This also allows for borrowers to establish a new schedule for the mortgage to be paid off sooner.

We would be happy to walk you through every step of the process, (719)470-0898

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