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.
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.
If you are looking for this type of refinancing, Mortgage Resource Group 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.
This is what one of our clients said about us
" My Husband and I couldn't be happier with the service provided by Mark and Kathy! They helped us when we first bought our home around 18 years ago and we've used them several times over the years in refinancing to get better rates. We just finished up working with them again and it's amazing how easy it is to work with them... I made a phone call to Kathy and that's all it took to get the process started and within a month we were signed sealed and delivered. Thanks Mark and Kathy for your hard work and dedication! " - Darrin and Jennifer Beeal, Firefighter from Alhambra, CA
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