4 Cash-Out Refinance Options That Put Your Home Equity To Work
Perhaps you recently worked with Christina Pitz & Associates and purchased a home for an incredible steal! You have equity lots of equity in the home. Now what?
The recent article from The Mortgage Reports highlights 4 cash-out refinance options that can turn your hard earned equity into cold hard cash in your pocket!
photo courtesy of Christina Pitz & Associates
The Mortgage Reports defines a refinance as follows: "A cash-out refinance is one in which a homeowner replaces their mortgage with a bigger one. The difference between what is owed and what is borrowed goes back to the homeowner in cash. As an example, a homeowner owes $175,000 on a home, and refinance their mortgage for a new loan amount of $200,000. This would be a cash-out refinance, netting the homeowner $25,000 of their home’s equity, less closing costs."
When it comes to refinancing, sometimes one size does not fit all. Military status, loan amount and amount of equity can all be factors to consider when choosing the best plan.
The four options include:
FHA Cash-Out Refinance
VA Cash-Out Refinance For U.S. Military Veterans
Conventional Cash-Out Refinance
Jumbo Cash-Out Refinance