If you have lived in your home for a reasonable amount of time and have acquired equity through appreciation and monthly mortgage payments, you may be considering liquidating some of that equity by refinancing with cash out.
Refinancing with cash out in laymen terms simply means to refinance your existing mortgage and borrow some of the equity in the home to be received in a lump sum at the closing table.
People refinance with cash out all the time and for a variety of reasons. The number one reason being to get a lower rate on their mortgage. The cash out scenario you can use for all sorts of reasons. Such as debt consolidation, buying a new vehicle, home improvement, college tuition, family vacation, etc.
Here at Florida Mortgage and Homes, we do all the shopping around for you. We only pull your credit report one time, which makes that credit report good for 90 days, and all of our lenders take the same credit report, eliminating all of the unnecessary inquires.
Also, be sure to educate yourself as much as possible. Take the time to learn as much as you can about the mortgage industry, so when the time comes to dealing with a loan officer you will have a strong grasp on your options.
Once you are done educating yourself, ask your assigned loan originator as many questions as you need to so that you can make an informed decision, and then let our professional originator assist you with your cash out refinance. Allow them to assess your scenario and customize a mortgage program to fit your needs.
The mortgage industry is a very competitive one, and we will compete for your business. So sit back, relax, and wait for the best offer to come your way.