Whether you’re taking cash out to pay for college tuition, make home improvements or buy a vacation home, using the equity in your existing home can be a good way to finance major purchases.
A cash-out mortgage refinance lets homeowners take advantage of low rates and make the best of their current mortgage. In order to do this successfully, and to know whether a cash-out mortgage refinance is the best option for you, it helps to have a mortgage expert by your side. Accunet can help you assess your credit, debt, property value and more so you can refinance now and enjoy the paybacks.
Cash-out refinance process
- Homeowners can usually borrow up to 80 percent of the value of your home when you’re taking cash out. If you’re an active armed services member or veteran and you qualify for a VA loan, then you can borrow up to 100% of your home’s value.
- In certain cases, Accunet can help clients refinance their first mortgage to 80 percent of the appraised value and then work with a local bank to put a home equity line of credit in place to maximize their cash out up to 90 percent of the appraised value without triggering the need for mortgage insurance.
- Generally, it’s a good idea to match the life of the item you’re financing (a home, home improvement, car, education) with the term of the loan. That’s why it’s not always a good idea to use a 30-year mortgage to finance a car purchase or vacation. Cars and vacations just don’t last that long (unless that vacation is called retirement).
- Click here to get started with a free consultation on how to best use the equity in your home.
So is taking cash out ideal for you? Our team can assist you through the cash-out refinance process by providing insightful, personalized recommendations that best fit your current financial condition. When utilized properly, a cash-out mortgage refinance can help you take advantage of investment opportunities, debt consolidation, home renovation expenses and more. But there are still plenty of outside factors that must be considered – which is where we come in.
Get in touch with one of our loan consultants today and we’ll help you refinance your home from start to finish.