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,
American Mortgage Consultants can find a program
suited to your financial needs. We offer cash-out
programs for Owner-occupied homes, Non-owner occupied
homes, and No income verification with low, affordable
Apply for this loan