Refinancing a home is important and exciting, but it can also be challenging – especially if you don’t know what to expect during the refinance process. At PRM, our knowledgeable Mortgage Advisors will guide you through the refinance process to ensure you are comfortable and informed each step of the way.
Not sure where to begin? No problem. Continue scrolling to find more information about your refinancing options and resources with PRM.
WHAT IS A CASH-OUT REFINANCE?
A cash-out refinance is the refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than what you currently owe, and you (the borrower) get the difference between the two loans in cash. Homeowners generally do cash-out refinances so they can turn some of the equity they’ve built up in their home into cash.
Typically, you can use the cash you get from a cash-out refinance on pretty much anything you want; if you have high-interest debt such as credit cards, it may make the most financial sense to use a cash-out refinance to pay off this debt first because the interest on your credit cards likely exceeds the interest on your new loan.
Contact a Mortgage Advisor today to learn more about a cash-out refinance.
So, you’ve decided to refinance your home, but you don’t know how to begin the process. No worries! We broke down the refinance process for you in eight easy steps.
Step One: Apply for a Home Loan
We thoroughly review your financial profile which includes your assets, income, credit, and property type. We will discuss financing options and determine a loan that’s suitable for your situation.