What is cash-out refinancing?
Cash-out financing occurs when a borrower refinances his mortgage for more than he currently owes to pocket the difference in cash up-front. Homeowners who need cash to pay for their kid’s college education or for a new car will often do a cash out refinance. These loans differ from home equity loans (HELOCs) in that cash out refinances replace the current mortgage, while a HELOC is a separate loan in addition to the first mortgage. Cash out refinances will often have lower interest rates than HELOCs, but the closing costs are usually higher.
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Contact Us
1455 W 16th Street, Yuma Arizona
Call: 928 726-REAL (7325)
Email: [email protected]
Office hours:
8:30 a.m. to 5:30 p.m. Monday through Friday
Open Saturday and Sunday by appointment
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