Cash Out Refinance

 

Cashing out refers to the refinancing of a loan where the borrower takes out cash greater than the existing mortgage balance on their home.  An example of a cash-out refinance is as follows:  A home is appraised at $100,000 and the borrower's outstanding mortgage balance is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a mortgage of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000  mortgage and  leave $20,000 cash-out to the borrowers.

What are the benefits?

By cashing out on your home, you can obtain cash on the value of your home (up to 80% of the value of your home) to consolidate debt, provide funds for educational expenses or for future investment opportunities. This refinance transaction may also provide you with a lower mortgage interest rate that may also allow you to have a lower monthly mortgage payment.

How can we help?

If you are looking for a cash-out refinancing opportunity, Capital City Financial Corporation can help you find a program that is best suited to your financial needs. We offer cash-out programs for Owner-occupied homes, Second/Vacation homes as well as Non-owner occupied investment properties at affordable rates.
 

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Need More information

Call Us: (800) 254-3262
(401) 432-9903
Fax Us: (401) 432-9908
Email Us: info@capcityfinancial.com
2740 Pawtucket Avenue
East Providence RI, 02914

 

Licensed Loan Broker in the following states: Rhode Island (20021417LB), Massachusetts (MB2934) and Connecticut (11825 & 11826), NMLS ID 2934

We arrange but do not make loans