Cash-Out Refinance #cash #out #refinances


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Cash-Out Refinance

The Basics

A cash-out refinance can help you meet your financial needs.

  • Use your home equity to your advantage! Get money out of your home and use it for anything you want. Find out if it makes sense to refinance with our refinance calculator.
  • Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.
  • Homeowners over 62 can access their home’s equity like cash with our reverse mortgage partner, One Reverse Mortgage. One Reverse Mortgage is a proud member of the National Reverse Mortgage Lenders Association.

Every day for the past 30 years, we’ve helped hundreds of Americans lower their monthly payment by refinancing. Contact us today to see how we can help you!

Here s why you should choose Quicken Loans:

  • Only Quicken Loans offers you the Closing Cost Cutter and PMI Advantage. Find out how these great options can help you meet your financial goals.
  • We’re the nation’s largest online lender according to National Mortgage News.
  • Our exclusive online tools like MyQL let you track your mortgage process from start to finish, and our Mortgage Calculator app gives you rates right on your phone.
  • With more than 30 years of experience, we’ve designed a mortgage process that adapts to your needs.

Here are our most popular refinance options:

  • FHA loan Refinance up to 85% of your home s value.
  • 30-year fixed-rate loan This traditional mortgage with fixed payments is great for budgeting.
  • Adjustable rate mortgage Save thousands in interest with our lowest rates available!
  • VA loan Refinance up to 90% of your home’s value with the VA loan if you’re a veteran, military member or spouse.

Frequently Asked Questions

What’s the difference between a cash-out refinance and a home equity loan?

Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore more risky. A cash-out refinance is not a second loan; it is a new first mortgage.

What is equity? How can it help me get cash out of my refinance?

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Try our refinance calculator to see if you have enough equity to reach your financial goal.

What determines how much cash I get after refinancing?

In general, the cash-out amount is calculated by subtracting the balance of your old loan from the amount of the new mortgage loan, although many other factors, such as applicable fees, the type of loan you get and your equity, can affect your final cash-out amount.

How much does it cost to refinance?

It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you get cash out.

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Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010 – 2016 Primary Mortgage Origination studies and the 2014 – 2016 Primary Mortgage Servicer studies. 2016 Origination (or Sales) based on 5,182 total responses and measures experiences and perceptions of consumers who originated a new mortgage, surveyed in July – August 2016. 2016 Servicing based on 7,542 total responses and measures experiences and perceptions of consumers with their current mortgage servicer, surveyed in March – April 2016. Your experiences may vary. Visit jdpower.com .

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