{"id":4318,"date":"2022-12-01T22:40:48","date_gmt":"2022-12-02T03:40:48","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=4318"},"modified":"2022-12-01T22:40:49","modified_gmt":"2022-12-02T03:40:49","slug":"is-a-cash-out-refinance-mortgage-right-for-me","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/is-a-cash-out-refinance-mortgage-right-for-me\/","title":{"rendered":"Is a Cash-out Refinance Mortgage Right for Me?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">What is a Cash-out Refinance Mortgage?<\/h2>\n\n\n\n<p>A cash-out refinance mortgage is a type of home loan where the borrower takes out additional cash beyond the amount due on their existing mortgage. The extra cash is used to pay off debts, make home improvements, or for other expenses.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Is a Cash-Out Refinance Right for Me?\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/sI9APdHzVMU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Benefits of a Cash-out Refinance Mortgage?<\/h2>\n\n\n\n<p>There are several benefits to taking out a <a href=\"https:\/\/riverbankfinance.com\/refinance-my-mortgage-home-loan.html\" title=\"\">cash-out refinance mortgage<\/a>. First, it can help consolidate multiple debts into one monthly payment. Second, it can lower your interest rate and monthly payments. Third, it can provide you with extra cash for home improvements or other expenses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Drawbacks of a Getting Cash from Your Equity?<\/h2>\n\n\n\n<p>There are also some drawbacks to taking out a cash-out refinance mortgage. Just like any mortgage refinance, you may have closing costs including title company fees, appraisal and underwriting fees. <\/p>\n\n\n\n<p>Typically cash-out mortgages have slightly higher rates than purchase loans. Lower credit scores may also affect the interest rate. Lastly, refinancing your mortgage would restart your mortgage term which may lead to you taking longer to pay off your loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Qualifications for a Cash-out Refinance Mortgage?<\/h2>\n\n\n\n<p>To qualify for a cash-out refinance mortgage, you will need to have good credit and equity in your home. You will also need to prove that you can afford the new monthly payments. Underwriters will review income, credit and the condition of the property to make sure it meets program guidelines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tips for Making the Most of a Cash-out Refinance Mortgage<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate-1024x574.png\" alt=\"Cashout refinance to do debt consolidation\" class=\"wp-image-4334\" srcset=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate-1024x574.png 1024w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate-300x168.png 300w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate-768x431.png 768w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate-1536x861.png 1536w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/consolidate.png 1616w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Using cash from your home&#8217;s equity may be a wise investment. Mortgage rates are often low rate fixed mortgages. Being amortized over 15 year or 30 years, your monthly payments may give you lower overall payments than other loan options. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements-1024x574.png\" alt=\"Cash-out refinance mortgage to complete home improvements\" class=\"wp-image-4335\" srcset=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements-1024x574.png 1024w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements-300x168.png 300w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements-768x431.png 768w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements-1536x861.png 1536w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2022\/12\/improvements.png 1616w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Here are some ideas to make the most of the cash from your home&#8217;s equity:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Use the extra cash to pay off high-interest debt. <\/li>\n\n\n\n<li>Use the extra cash to make home improvements that will increase the value of your home. <\/li>\n\n\n\n<li>Use the extra cash to invest in your education or start a business. <\/li>\n\n\n\n<li>Use the extra cash to build an emergency fund. <\/li>\n\n\n\n<li>Use the extra cash to buy a vacation home or rental property.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">How Long Does it Take to Get Money from My Home&#8217;s Equity?<\/h2>\n\n\n\n<p>When refinancing your home, the loan process is quite quick.  For most borrowers, your loan should close in 2 to 3 weeks. You would then get your cash from your closing after the 3 day rescission period.  <\/p>\n\n\n\n<p>Your funds can be direct deposited into your account or mailed to you as a check. Simply tell the mortgage closer what payment method you prefer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Apply for a Cash-out Refinance Mortgage<\/h2>\n\n\n\n<p>Applying for a cash-out refinance mortgage starts with an online application here: <a href=\"https:\/\/riverbankfinance.com\/apply-now.html\" title=\"\">Apply Online<\/a><\/p>\n\n\n\n<p>If you would rather apply over the phone you can call a licensed loan officer at 800-555-2098 to get started.<\/p>\n\n\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\/4318#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=\"122\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>What is a Cash-out Refinance Mortgage? A cash-out refinance mortgage is a type of home loan where the borrower takes out additional cash beyond the amount due on their existing mortgage. The extra cash is used to pay off debts, make home improvements, or for other expenses. What are the Benefits of a Cash-out Refinance<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/is-a-cash-out-refinance-mortgage-right-for-me\/\" title=\"ReadIs a Cash-out Refinance Mortgage Right for Me?\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":4333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,992,305],"tags":[],"class_list":["post-4318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-michigan","category-mortgage-rates","category-refinance-2"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/4318","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=4318"}],"version-history":[{"count":2,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/4318\/revisions"}],"predecessor-version":[{"id":4339,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/4318\/revisions\/4339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/4333"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=4318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=4318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=4318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}