If you’d like to tap into the equity in your home to
- Invest in home improvements
- Make a major purchase or
- Consolidate credit card bills, student loans or other debt
you might consider a cash out refinance program that provides you with cash from your home equity at closing.
The process of refinancing is similar to purchasing a home, only easier and less expensive. When you refinance, you can save money and take cash out of the equity in your home. There’s more than one way to refinance a mortgage, and the loan program you end up with will be based the underlying reasons for refinancing.
The interest rates on cash out refinance programs are almost always fixed rates rather than the Adjustable Rates on typical home equity lines of credit: HELOC. Also, you end up making just one payment (a new mortgage) instead of two payments (existing mortgage plus home equity line of credit.) We can easily help you determine whether you should refinance… and at what interest rate. We’ll need to know:
- Roughly how much you owe on your current mortgage.
- Current loan interest rate.
- Your refinancing goals.
Use the cash out refinance calculator below. Or send us a quick email or call us at 603-471-9300.
|Current mortgage balance||New mortgage amount|
|Current interest rate||%||New interest rate||%|
|Years you have left on your mortgage||New Mortgage term|
|Current mortgage payment||New mortgage payment|