4 Things to Consider with a Cash-out Refinance Loan

Any time home values are on an upward trend, some borrowers consider this option. When used responsibly, it can be a viable choice for homeowners who want to access the equity they’ve built up in their home.

1. What are your finance goals?

If you’re looking to improve cash flow by consolidating credit card debt or avoiding additional credit debt to finance home improvements, a cash-out loan may make sense for you. Credit cards typically offer higher interest rates compared to what you can secure for a refinance loan and a fixed loan can protect you from interest rate increases.

2. What are the total costs of the loan?

Before you sign, be sure you’re aware of the total costs of the refinance, including closing costs and monthly mortgage insurance, which could be paid in cash or rolled into the loan.

3. When’s the best time to do a cash-out refinance loan?

If you can obtain a lower interest rate than what you have on your current mortgage, now may be a good time to consider a cash-out refinance. If you’re within a few years of paying off your loan, ask yourself if you really want to extend your payments by another 15-30 years.

Contact us today to learn if a cash-out refinance loan makes sense for you.

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Contact us today to get started with your application, and discover how we can help make your dream of homeownership come true.

Refinance Your Mortgage

Steps required for a typical residential mortgage refinance. Times vary according to your personal circumstances.
  • Last two years of ALL W-2’s, 1099’s, or K-1’s
  • Last two years Federal Tax Returns (ALL schedules, ALL pages)
  • Most recent 60 days of consecutive pay stubs
  • Most recent 2 months of complete bank statements (ALL pages, even if blank)
  • Most recent investment and/or retirement account statement(s) (ALL pages, even if blank)
  • Homeowner’s Insurance information (company, agent, phone number)
  • Copy of driver’s license(s) (front and back)
  • Copy of most recent mortgage statement(s) (ALL properties)
  • Copy of insurance declaration pages and tax statements (ALL properties)

The items above will not inhibit you from starting the loan process.