What is a “Cash Out” Home Refinance Loan?

This is a process where Dan Cassel and the Trinity Mortgage Broker team refinance your existing CA. Real Estate Loan with a New CA Home Loan for more than you currently owe on your house. It presumes you have equity built up in your California home. The spread is your “Cash Out”.

This “Cash Out” goes to you and the use of funds is decided by the Borrower. You can spend it on home improvements, debt restructure, or use the proceeds for financial planning, retirement. It is your decision and the new lenders if they will allow a Cash Out loan. They will seek an understanding on the use of funds and seek borrowers who have good credit and lots of Home Equity and earnings stability.

Traditional Refinancing, or the “Restructure” of your Mortgage in contrast, replaces your existing mortgage or mortgages with a new one for the same balance. These can be easier and a bit less expensive to obtain than a new Cash Out Loan, especially with today’s all time low rates and offer a solution if you do not qualify for cash out.

You really must focus on the cost of money and Loan Documentation; however, you typically can refinance your total Real Estate Mortgage loan into ONE new First TD Mortgage loan to say 75% Loan to value, or 600 k and remove up to 200 K in cash at closing, market conditions dependent and OAC..

To Learn more simply Dial Dan Cassel-Trinity Mortgage – 866-310-1112 or contact us here.