{"id":1808,"date":"2015-05-22T21:17:48","date_gmt":"2015-05-22T21:17:48","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=1808"},"modified":"2015-05-22T21:19:16","modified_gmt":"2015-05-22T21:19:16","slug":"need-some-extra-money-consider-cash-out-refinancing","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/need-some-extra-money-consider-cash-out-refinancing\/","title":{"rendered":"Need some extra money? Consider cash-out refinancing."},"content":{"rendered":"<p><a href=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2015\/05\/35755059_s.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1810\" src=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2015\/05\/35755059_s-300x200.jpg\" alt=\"35755059_s\" width=\"300\" height=\"200\" srcset=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2015\/05\/35755059_s-300x200.jpg 300w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2015\/05\/35755059_s.jpg 450w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Considering home renovations, debt consolidation or just need to get some cash in hand? A <a title=\"Cash Out Refinance Mortgage\" href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/cash-out-refinance.html\">Cashout Refinance Mortgage<\/a> may be the right fit for you. You can actually refinance your home mortgage for more than you owe and cash out the difference. It may seem like an easy way to get extra cash, but here\u2019s what you need to know to decide whether cash-out refinancing is the best option for you.<\/p>\n<p><b>Reasons for cash-out refinancing<\/b><\/p>\n<p>Cash-out refinancing could help you save a lot of money. It\u2019s always wise to calculate the potential savings with your goals in mind. Are you refinancing for a short-term or long-term reason? Here are some good reasons for cash-out refinancing:<\/p>\n<ul>\n<li><b><b>Get Cash Back: <\/b><\/b>Do you need to get cash for a special project, vacation, business, college or even vacation? Cashout refinance may allow you to access cash in the equity of your home to make it happen.<\/li>\n<\/ul>\n<ul>\n<li><b>Home renovations: <\/b>Cash-out refinancing would allow you to improve your home, and that would increase its value. \u00a0<b><\/b>For example, if you do a $20,000 cash-out refinance on a $100,000 home, you could potentially increase its value to $150,000 &#8212; for just a $20,000 cash out.<\/li>\n<\/ul>\n<ul>\n<li><b>Debt repayment: <\/b>If your student loans, second mortgage, or credit cards are high, you could do a cash-out refinance and pay off your debts with a lower interest rate. Plus, your credit will improve since you\u2019re paying them off (even though you\u2019re just transferring the debt to your home).<\/li>\n<\/ul>\n<p>With that said, here\u2019s\u00a0why you can&#8217;t afford to miss out on cash-out refinancing:<\/p>\n<p><b>1. Mortgage rates are at historic lows<\/b>. If you bought your house in the 1990s, your mortgage rate may be as high as 7 to 10 percent. But now, mortgage rates have been hovering between 3-5% for many loan options. Now is the time, not only to refinance, but to cash-out. You\u2019ll not only be able to keep your mortgage payments unchanged, but you\u2019ll also be able to cash out at closing.<\/p>\n<p><strong>2.\u00a0<\/strong><b><b>Home prices are increasing. <\/b><\/b>If you choose cash-out refinancing, you still have equity in your home. The risk is not having enough mortgage paid off if home prices begin to dip in the future. That\u2019s when you risk losing equity in your home, along with having a higher total mortgage to pay off. So, right now is a great time to opt for cash-out refinancing, as long as you can pay back the money you cash out in a reasonable timeframe.<\/p>\n<p><b>3. Home equity can help remove PMI. <\/b>If you originally put down less than 20% on your home when you first bought it, you\u2019ve been paying private mortgage insurance to ensure the lender against default. Since home prices are increasing, your home equity may have increased. So even if you opt for cash-out refinancing, if your home equity is at 20%, you can drop your PMI payments.<\/p>\n<p>When you decide cash-out refinancing is the right option for you, call Riverbank Finance at (800) 555-2098, and one of our licensed loan officers can help you get the process started. Whatever the reason for the cash out, we\u2019re here to help you get what you need.<\/p>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/1808#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"175\"\/><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n\/* ]]> *\/\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Considering home renovations, debt consolidation or just need to get some cash in hand? A Cashout Refinance Mortgage may be the right fit for you. You can actually refinance your home mortgage for more than you owe and cash out the difference. It may seem like an easy way to get extra cash, but here\u2019s<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/need-some-extra-money-consider-cash-out-refinancing\/\" title=\"ReadNeed some extra money? Consider cash-out refinancing.\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[308,305],"tags":[696,698,695,9,63,697],"class_list":["post-1808","post","type-post","status-publish","format-standard","hentry","category-mortgage-tips","category-refinance-2","tag-cash-out","tag-cash-out-refinancing","tag-michigan-cash-out-refinance","tag-mortgage","tag-refinance","tag-refinancing"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/1808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=1808"}],"version-history":[{"count":8,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/1808\/revisions"}],"predecessor-version":[{"id":1820,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/1808\/revisions\/1820"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=1808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=1808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=1808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}