Don't Let Costly Cash-Out Refinance
Mistakes Sabotage Your Financial Goals!
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Imagine having the funds you need for that dream renovation, debt consolidation, or investment opportunity... only to lose thousands because of avoidable refinancing errors.
That's why we've created the ultimate Top 5 Mistakes to Avoid When Doing a Cash-Out Refinance Guide – packed with insider tips and expert advice to help you maximize your savings and avoid costly pitfalls.
Simply fill out the form below to get your FREE guide and take the first step towards a successful cash-out refinance.
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What Is A Cash-Out Refinance?
A cash-out refinance is a type of mortgage refinance where you replace your existing mortgage with a new one that's for a larger amount than you currently owe. You receive the difference between the two loans in cash, which you can use for various purposes like home renovations, debt consolidation, college tuition, or other financial goals.
People often choose cash-out refinancing because it allows them to tap into their home's equity to access funds at potentially lower interest rates than other borrowing options.
Eligibility Requirements
To qualify for a cash-out refinance, you'll typically need:
- Sufficient home equity: Most lenders require at least 20% equity in your home.
- Good credit score: A credit score of 620 or higher is generally needed.
- Debt-to-income ratio (DTI): Your DTI, which compares your monthly debt payments to your gross monthly income, should be 43% or lower in most cases.
Keep in mind that specific requirements can vary depending on the loan program so reach out to us for further information.
How The Process Works
- Application: Complete a cash-out refinance application with us providing information about your finances and the property.
- Assessment: We will evaluate your eligibility, including your credit score, income, debt, and home appraisal value.
- Approval: If approved, you'll receive loan terms outlining the interest rate, closing costs, and other details.
- Closing: Finalize the refinance by reviewing and signing closing documents, paying closing costs, and receiving your cash-out funds.
