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What is a Cash-Out Refinance?
A Cash-Out Refinance isa mortgage where the borrower pulls out equity from the property in the form of cash. With the same refinance, the borrower can lower the rate or change the loan termlength ifcurrent interest rates allow.
Perks of choosing GO Mortgage:
Reliable and helpful employees ensure the customers have the best experience navigating through the mortgage process.
It is our goal tohelp you get the best loan possible for your situationand make you happy.
Will make time for you even after hours to help answer questions and to help you get pre-approved.
FHA Cash-Out Refinance—put extra money in your pocket and change your loan terms.
VA Cash-Out Refinance—Finance up to 100% of the loan with possible no out-of-pocket costs for veterans, active service members, spouses, and reserve members.
Conventional Cash-Out Refinance—low rates with no upfront or monthly mortgage insurance fees required with 20% equity.
Jumbo Cash-OutRefinance—Great for homeowners with equity to help pay for home renovations or consolidate high-interest debt.
What is equity and how do I find out how much I have?
Home equity is an asset that comes from a homeowner’s interest in a home. To calculate equity, subtract any outstanding loan balances from the property’s market value.
How do I know how much cash I will receive?
Each situation is different, due to fees and other factors like equity and type of loan. However, it can usually be determined by subtracting the balance of your old loan from the balance of your new loan.
What can I use the cash received for?
Anything! It can be used to pay off credit card debt, make renovations to your house, and even for buying that new beach house you’ve been wanting.