Cash Out Refinance

A "cash-out refinance" refers to the refinancing of an existing loan where borrowers take additional cash out of the own home.  For example, If a home is appraised at $400,000 and the borrower's current outstanding mortgage loan balance is $200,000, it is possible to acquire a new loan up to 80% of the appraised value of the home for $320,000.  The new $320,0000 mortgage loan will pay off the existing $200,000 loan balance, leaving the difference of $120,000 as 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, Bay Area Integrity Mortgage can find a program suited to your financial needs with low, affordable rates.