Cash Out Refinance

Cash Out Refinance

Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower’s outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $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 or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it’s tax-deductible.

How can we help?

If you are looking for this type of refinancing, Noreast Mortgage Services can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes and Non-owner occupied homes, with low, affordable rates.

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Licensing

Loan Officer
NMLS #92338
Company NMLS#92219

Contact Us

Noreast Mortgage Services
1092 Elm Street
Rocky Hill, CT 06067

Number:
(860) 559-7577

Hours:
MON-FRI 7AM - 4PM