Email : info@cambridgehomeloan.com
Questions Call us : (800) 826-5077

Cash out refinance

Refinance into a lower monthly payment

  • Home
  • Cash Out Refinance Home Loan

What Is A Cash Out Refinance Mortgage

  • A cash out refinance Cash-out mortgage refinancing lets you refinance your mortgage, borrow more than you currently owe and keep the difference as cash. It’s one way to unlock the equity, or ownership, you’ve built in your house.
  • The money from cash-out refinancing is usually put back into home improvements, but some people also use them to offset the upfront costs of refinancing or cover personal expenses.

Key Benefits Of A Cash Out Refinance Loan

  • Home improvements will increase your homes value
  • Payoff high interest credit cards, consolidate loans and have a lower monthly expense payment
  • Pay for critical life events like school or medical bills
  • Interest Rates Drop and you can Re-finance, Cash out and still have a lower total monthly mortgage payment

How Does A Cash Out Refinance Loan Work

  • Let's say your home is worth $600,000 and the balance of your mortgage is $300,000, that leaves you $300,000 in equity. You have 50% equity in your home.
  • If you would like to retain 20% of the equity in your home 20%=$120,000 or $480,000 less $300,000, there is $180,000 of cash equity that you are eligible to borrow.
  • When considering a cash out refinance remember to take into account your homes LTV (Loan to value) LTV is the ratio of your current mortgage balance compared to the market value of your home, as determined by appraisal and your DTI (Debt to income)ratios. DTI is the percentage of your gross income that goes into repaying any debt, such as monthly mortgage payments, student loans and credit card balances.
  • If you would like to retain 20% of the equity in your home 20%=$120,000 or $480,000 less $300,000, there is $180,000 of cash equity that you are eligible to borrow. Call today for a FREE Consultation and see what your home is eligible for. 800-826-5077.

Short Form Application

Finding you the best rates and terms to fit your loan starts here.

Someone from CambridgeHomeLoan.com will be contacting you shortly. CambridgeHomeLoan.com will be with you every step of the way to help you with your financing needs.

 

Discuss Loan Options

I would like to discuss my loan options

Quick Apply

I would like to apply for my loan myself

Pre-Qualify

I am shopping for a home and would like to pre-qualify for my price range.

Expert Mortgage Loan Advice!

super jumbo home loans

Jumbo and Super Jumbo Home Loans

CambridgeHomeLoan.com is proud to cater to homeowner’s and buyers that have a variety of unique financial needs. We take the time necessary to understand your individual

Read More »
cash out refinance

Refinance Your Home Loan

Refinance and Cash Out Refinance Take advantage of today’s low rates and refinance or cash out and refinance your home loan to consolidate debt, lower

Read More »
bad credit home loans

Bad Credit Home Loans

Is it possible to get a home loan even with bad credit today? Today a bad credit mortgage is absolutely possible Yes you can get approved

Read More »
Close Menu