CASH OUT REFINANCE
Cashing out means getting a new loan on your home and borrowing some extra money. Let's say your home is worth $100,000, and you still owe $60,000 on your current mortgage. With a cash-out refinance, you can borrow 80% of your home's value, which is $80,000. This new loan will pay off your old mortgage of $60,000 and give you $20,000 in extra cash.
What advantages does it offer?
Get cash from the value of your home to repay debts or cover future costs. Refinancing your mortgage can also help you secure a lower interest rate, reducing your monthly payments. Plus, the best part is, it's tax-deductible!
Need assistance? Contact us!
Mac Mortgage, Inc. specializes in finding the perfect refinancing program for your financial needs. Whether you own the home you're refinancing or not, we have cash-out programs available with low, affordable rates.
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