Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your home, you could obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction could also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it's possibly tax-deductible.
How can we help?
If you are looking for this type of refinancing, Apollo Home Mortgage can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes, Non-owner occupied homes with low, affordable rates.
Not all borrowers will qualify; contact us for more information on fees and terms.
Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Please contact us for an exact quote and for more information on fees and terms. Not all borrowers will qualify.