Cash-Out Refinance: How to Get Cash From Your Home
Fulfill your financial goals with a cash-out refinance
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Read our Refinance Guide
Do you need more information on how to refinance your mortgage? If so, our refinance guide is just what you’re looking for. It’s packed with tips, tricks, and tactics on how to refinance the right way.
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Call us right away at our toll-free number (805) 434-5226 to reach one of our home loan experts.
The Basics of a Cash-out Refinance
A Cash-Out Refinance Could Let You Fulfill Your Financial Goals
- Use the equity in your home to your advantage! Get money out and make some well-needed home improvements. This often increases the value of your home.
- Pay the college tuition for your loved ones, such as your kids or grandkids.
- Pay off your high-interest credit card debt and escape financial stress.
- You could even buy a vacation home.
The Four Most Popular Cash-Out Refinance Options*
- An FHA Loan – Escape a skyrocketing mortgage payment, by choosing the fixed-rate security of an FHA loan that’s government-insured.
- A 30-Year Loan – Are you searching for a more traditional mortgage option? A 30-year fixed loan might be right for you.
- An Adjustable Rate Mortgage – When you choose a five to seven year ARM, you can get the lowest rate possible. You could save thousands compared to a traditional fixed mortgage during the first 5 or 7 years of your home loan.
- A VA Loan – Are you a veteran, military member, or spouse? If so, you might qualify for a VA loan. Get in touch with us now to see if you are eligible for the benefits.
*Disclaimer: If you refinance an existing mortgage, the total charges could become higher over the life of your loan.
5 Reasons Why You Should Choose Crown Mortgage of the West Today
- You’ll get access to an online application process, which saves you paperwork.
- Our Home Loan Experts will be there to answer questions and concerns, and to help you get clear on all the details so you get the perfect mortgage for you.
- After you’ve closed the home loan, you’ll be able to manage your mortgage online without any hidden fees.
- You can expect customer service long after you’ve closed. You see, we service around 99% of all our mortgages.
At Crown Mortgage of the West, we offer adjustable rate, fixed-rate (15-year and 30-year). We also offer conventional FHA, VA, and refinancing options with competitive rates.
FAQ (Frequently Asked Questions)
"What’s the actual difference between a home equity loan and a cash-out refinance?"
HELOCs, or home equity lines of credit (home equity loans) are usually second mortgages. The idea is that, in addition to the main mortgage you have on your home, you’ll take out a second loan.
This makes the home equity line of credit a second lien on your property.
Important: a cash-out refinance is a new first mortgage, not a second loan, and therein lies the difference. HELOCs can be seen as riskier since you’re taking on an additional loan.
"What's equity, and how can it help me get money out of my refinance?"
Your home equity is the (appraised) value of your house, minus the amount you owe.
If you have more home equity, you’ll get more money from a cash-out refinance. Many homeowners like you take money out to pay off debts with high interests (such as credit card debts) or to make much-needed home improvements.
"What decides how much money I get after refinancing?"
You can get the accurate cash-out amount by subtracting the balance of your old home loan from the amount of your new mortgage.*
*Certain other factors, such as the type of loan you get, applicable fees, and your equity, can affect the final amount.
"How much does it cost to refinance?"
The fees required for getting a new mortgage can often be added to the overall refinance amount to avoid paying out of pocket at the closing.
Keep in mind that refinancing to get cash out could result in a higher rate or a longer loan term, which could lead to paying more in interest long-term.
P.S. Take action! Talk to one of our Home Loan Experts by calling (805) 434-5226 to learn how you can use your home equity to your advantage.
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*This includes an automatic telephone dialing system or a prerecorded or artificial voice.
Why You Should Choose Crown Mortgage of the West
- You’ll get access to an online application process, which saves you paperwork.
- Our Home Loan Experts will be there to answer questions and concerns, and to help you get clear on all the details so you get the perfect mortgage for your needs.
- After you’ve closed the home loan, you’ll be able to manage your mortgage online without any hidden fees.
- You can expect customer service long after you’ve closed. You see, we service around 99% of all our mortgages.
