home mortgage loans by the mortgage doctor

Cash-Out home equity

A cash-out refinance lets you tap your home equity to get the cash you need. It can be a great way to pay for home improvements, consolidate debt, or make a large purchase.

How cash-out refinancing works

A cash-out refinance replaces your current mortgage with a new loan for a higher balance. Your new mortgage pays off your old one, and you receive the remaining loan amount in cash. That cash comes out of the equity you’ve built in your home.

Benefits of cash-out refinancing

Borrowing against the equity you’ve built in your home is generally cheaper than other types of financing, and it has tax advantages as well.* Credit cards and personal loans usually have much higher rates than home loans, and the interest isn’t tax-deductible.

A cash-out refinance may also reduce your monthly mortgage payments, if the loan term is longer than the remaining term on your existing mortgage. Depending on the new interest rate and loan balance, you may be able to save money each month by spreading out your payments over a longer period of time.

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