Get cash out from the equity in your home by Refinancing
A cash out refinance home loan will allow you to get money from your home's equity. Use these funds to consolidate debt, do home improvements or simply get cash in hand. A cash out refinance home loan can be accomplished through nearly any type of loan product including a FHA Mortgage, Conventional Mortgage or even a VA Loan.
Many home owners are able to use a cash out refinance to pay off credit cards and other high interest loans and reduce their overall monthly payments.
For more information on cash out refinance programs from Riverbank, call us at 800-555-2098 or apply online today!
- Fund Home Improvements and Renovations
- Consolidate Debt
- Get a Lower Interest Rate
- Free Up Money to Invest
- Refinance a HELOC into a Fixed Rate
Get Your Free Mortgage Quote
Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
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Cash Out Refinance Home Loan Options
Use a cash out refinance home loan to access the money you have built up in your home. Unlike a traditional savings account, the equity in your home cannot be accessed easily. You can sell your home to receive the equity, however if you plan to continue living there you will need to take a mortgage against the equity to get the cash out.
- Cash Out Conventional Home Loans
- Cash Out FHA Refinance
- VA Cash Out home loan
- USDA Rural Development cash out loan
- Cash Out Home Equity loan
Cash Out Refinance for Home Improvement
A top reason to use a cash out refinance is to do home improvements. Unlike rehabilitation loans or construction loans, a cash out refinance allows you to take control of the money.
At the closing of a cash out refinance you are given a check directly from the title company which you then deposit into your personal savings account. You may use this money for do-it-yourself projects or you can pay contractors of your choice.
Cash-Out Refinance Vs. Home Equity Loan
When looking to access the equity from your home, many people look to a cash out refinance or a Home Equity Loan (HELOC). There are pros and cons to each.
If you are looking to get a small amount of money, under $10,000, and are already at a competitive fixed rate on your primary mortgage then a HELOC may be a good option to consider.
If you are looking for a large sum of money for home renovations or debt consolidation then a cash out refinance may be a good fit, especially if refinancing your primary mortgage would also give you a lower fixed rate.
How Much Cash Can You Take Out?
On a conventional cash-out refinance for a primary residence, loan-to-value is generally capped at 80%, meaning you'll typically need to retain at least 20% equity in your home. Eligible veterans using a VA cash-out refinance may be able to access more of their equity, subject to lender guidelines. Your loan officer can review your specific scenario and let you know what's available for your loan type and property.
Cash Out Refinance FAQ
Is a cash out refinance the same as a home equity loan?
No. A cash out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. A home equity loan or HELOC is a separate loan or line of credit in addition to your current mortgage.
Will my interest rate change with a cash out refinance?
Since you're replacing your existing mortgage, your new interest rate will reflect current market rates rather than the rate on your original loan. A loan officer can walk you through how that compares to your existing rate.
Get started with your cash out refinance
Submit your information now and a licensed residential loan officer will contact you within 24 hours. If you need immediate assistance then please call us now at 800-555-2098!
Apply Now 800-555-2098