Cash-Out Refinancing

Cash-Out Refinancing

Turn your home’s equity into cash you can use today. With cash-out refinancing, you replace your existing mortgage with a new one for more than you owe — and pocket the difference in cash. It’s a smart way to fund big expenses or consolidate debt, all while potentially lowering your interest rate.

 

Why Consider Cash-Out Refinancing?

💰 Access Your Equity – Tap into the value you’ve built in your home.
💳 Consolidate High-Interest Debt – Pay off credit cards or personal loans at lower rates.
🏠 Home Improvements – Upgrade your space and increase property value.
🎓 Education or Life Expenses – Fund tuition, medical bills, or other major costs.
📉 Potentially Lower Rates – Replace your old loan with a more favorable one.

How It Works

  1. Apply for a New Mortgage – Based on your current home value and loan balance.

  2. Borrow More Than You Owe – The difference comes to you in cash.

  3. Use the Cash Your Way – Renovations, debt payoff, investments — it’s your choice.

  4. Repay with One Monthly Payment – Simplify your finances with a single loan.

Example

  • Current mortgage balance: $180,000

  • Current home value: $300,000

  • New mortgage: $220,000

  • Cash in hand: $40,000

Things to Keep in Mind

  • You’ll need sufficient home equity.

  • Your new loan may reset your repayment term.

  • Closing costs still apply.

Ready to Unlock Your Home’s Potential?

Discover how much cash you could access today.