(CalBRE #01469517 / NMLS #322407)

Mortgage Broker

Amber Jones

Cash Out Refinance

"Cashing out" refers to the refinancing of a loan where the borrowers will borrow money using the equity in their own home.  For instance, if a home is appraised at $100,000 and the borrower's outstanding mortgage balance is $60,000, it is possible to do an "80% cash-out refinance"; meaning the loan amount would be $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 can obtain cash on the value of your own home to pay off debts (credit cards, student loans, back taxes, etc), remodel your home or even take care of any large expense that you not is quickly approaching.  This type of refinance can also provide you with a better interest rate that will save on your monthly mortgage payments and it's tax-deductible.

How can I help?

If you are looking for this type of loan, I can find a program suited to your specific needs.  Cash-out loans are available on a borrower's current home they live in (aka "owner occupied), their vacation property (aka "second home") or even their rental property (aka "non-owner occupied").  Every loan has it's guidelines and limitations for cash-out and is based on a borrower's credit score, income, property value and how much recurring debt they carry on a month-over-month basis.  

I'd love to help answer any additional questions you may have to see if a cash-out refinance is the best loan for you!

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