Cash-Out Refi Expert Guide
Turn Your Home's Equity Into Financial Freedom
Turn Your Home's Equity Into Financial Freedom
Eliminate HID Now
Consolidate your debts and eliminate HID (high-interest debt) with a cash-out refinance tailored for homeowners.
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What is a Cash-Out Refinance?
A cash-out refinance replaces your existing mortgage with a new, larger loan. The difference between the two loans is given to you in cash, which you can use to pay off high-interest debts like credit cards, personal loans, or medical bills. This strategy allows you to consolidate multiple debts into a single, manageable mortgage payment, often at a lower interest rate.
Are You Eligible For a Cash-Out Refi?
Home Equity:
Typically, you need at least 20% equity in your home.
Credit Score:
A good credit score increases your chances of approval and securing favorable terms.
Debt-to-Income Ratio:
Lenders prefer a lower ratio to ensure you can manage the new mortgage payments.
Stable Income:
Proof of consistent income assures lenders of your repayment ability.
Benefits of Debt Consolidation
Lower Interest Rates:
Mortgage rates are typically lower than credit card or personal loan rates, reducing the amount you pay in interest over time.
Single Monthly Payment:
Simplify your finances by combining multiple debts into one monthly mortgage payment.
Improved Cash Flow:
Lower monthly payments can free up cash for other expenses or savings.
Boost Credit Score:
Paying off high-interest debts can positively impact your credit utilization ratio, potentially improving your credit score.
Buy Another Property:
Receive Equity as Cash. Use that Cash to put down money on another property or just Buy in Cash!
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* The advertised rates also assume the borrower fully documents income, assets and liabilities, escrows for taxes and insurance, and there is no subordinate financing.
** While SSN and hard credit pull are not typically required in order to review your available mortgage rates and get pre-qualified, if you choose to continue and submit a loan application, Amir Zakikhani - US Mortgage will then request your consent to pull a full credit report in order to proceed.
** Credit approval is based on an automated review of your credit score and the information contained credit report, and is conditioned on (1) you continuing to meet our credit-related underwriting requirements; and (2) your cooperation in providing satisfactory documentation we may request in connection with information contained in your credit report.
Amir Zakikhani - US Mortgage, NMLS ID #2453996, (https://journeytobuy.com/info); Corporate Office: 1206 Broadway, Hillside, NJ 07205. Additional disclosures and licensing information may be found by clicking here on this "Disclosures & Licensing" link. For questions regarding state licensing, please contact (908) 639-2217. Not all products and options are available in all states. It does not originate mortgages for properties in NY. Terms are subject to change without notice. Some people portrayed are professional models.