Should I Do a Cash-Out Refinance? Everything You Should Know Before You Decide

Should I Do a Cash-Out Refinance? Everything You Should Know Before You Decide

What would you do with some extra cash in your pocket? Maybe you’d update your home, put the funds toward a child’s college tuition, or consider consolidating outstanding debts*. All of these are possible through a cash-out refinance. Depending on how much equity you have in your home, refinancing can be an opportunity to convert some of your equity into cash. This is known as a cash-out refinance.

What is a cash-out refinance?

A cash-out refinance replaces your current mortgage with a new loan that is for more than what you owe on your house. This type of refinance is an alternative to a home equity loan or a home equity line of credit. It involves applying for a mortgage that exceeds the balance of your existing mortgage and receiving the difference in cash.

How a cash-out refinance works

A cash-out refinance is a little more complicated than a typical refinance where you replace the existing loan with a new one for the same amount.

With a cash-out refinance, you’re receiving a portion of your home equity as a lump sum. Most lenders require you to keep 20% equity in your home, which means you can typically withdraw up to 80% of your home’s value.

Costs and fees associated with a cash-out refinance

Refinancing a mortgage does involve costs. Closing costs on a cash-out refinance vary depending on location. To avoid any surprises, you should expect to pay between 2% – 5% of your loan on closing costs when you refinance. Continue reading Should I Do a Cash-Out Refinance? Everything You Should Know Before You Decide

Car Title Loan or Auto Title Loans – What Are They?

Car Title Loan or Auto Title Loans – What Are They?

Snap Car Cash is on the rise and for a good reason. If you need immediate cash, you do not want to be left waiting. Take advantage of a car title loan. With some of the lowest interest rates and flexible plans, we are here to help you on the road to financial stability. You can stay on the road while you do so as well since you get to keep your car during the repayment period. Continue reading Car Title Loan or Auto Title Loans – What Are They?

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