Tuesday, February 11, 2014

Mortgage Term of the Day: Cash-Out Refinance

Cash-Out Refinance:

A refinancing option that allows the borrower to take equity out of their home in the form of cash. Instead of refinancing just to lower your rate, you have cash that you may do with as you wish. For example, if your home is worth $450,000, you still owe $200,000, and you have an interest rate of 5%. You could refinance your home loan by not only taking advantage of a lower rate, but also by taking out money on the value of your home.

For any questions you may have about the mortgage process don't hesitate to call us at (708) 531-8388 and we will put you in contact with an experienced loan officer. Or click here to learn about Downers Grove Mortgages.

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