Cash Out Refinance
Cash Out Refinance to Put Cash in Your Pocket

A Cash-Out Refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing.
A Cash-Out Refinance option allows homeowners to pay off their existing home loan and create a larger mortgage that provides them with extra cash. The amount of money that can be borrowed depends on the amount of equity that's built up in the home's value - the difference between what you owe and what your home is worth.
When you refinance a mortgage, you simply replace the existing loan with a new one for the same amount. But with a Cash-Out refinance, you’re withdrawing a portion of your home equity in addition to the original loan amount, all in one lump sum.
Since you are borrowing the money and plan to pay it back, there is no tax due on the cash payment.
Your credit score is important for getting the loan but will not change because of the loan.
Refinancing will not affect your property taxes.
Rates for cash-out refinances are typically slightly higher than a straight refinancing. That's because the lender takes on more risk with a cash-out refinancing. It's also a different risk profile for the lender if the loan goes over 80 percent loan-to-value.
A Home Equity Line of Credit is substantially different than a Cash-Out. Depending on your needs for the cash one may be better than the other, but generally, with today's low interest rates, the Cash-Out is the better choice.
You can use the cash for just about anything;
- Pay off other debt,
- Take a vacation,
- Improve or repair your home,
- A down payment on another property,
- Start a business,
- Whatever - it's your money!
Want to know more?
Call Carol. It's FREE to ask! Even if you didn't get your loan from us...
(916) 566-1100
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VA Cash Out Refinance

Often overlooked, a VA Cash-Out Refinance allows the eligible veteran to tap into their home equity and receive cash back for any purpose. Rates are low, and approval is easier than for standard cash-out programs.
If the equity in your home is above the current loan amount, you could refinance for the whole amount and take the difference in cash - Cash that you can use to
- Pay of other debt,
- Start a business,
- Buy another property,
- Take a vacation,
- Whatever you want - It's your money!
It doesn't matter if the original loan is from the VA.
It doesn't matter where you got it, even if you didn't get it from us...
As of January 2020, there is no longer a size limit on VA Loans. There is also never any PMI payments. You can borrow the entire value of your home and take the difference out in cash.
If you want to apply today, Call (916) 566-1100
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