Cash Out Refinance

If you’re in the refinance season of homeownership and want to take advantage of your home’s equity for emergencies, home renovations or college tuition payments, Wyndham Capital Mortgage’s cash-out refinance may be your golden ticket.

What Is a Cash-Out Refinance?

A cash-out refinance allows homeowners to refinance their home (paying off their original mortgage loan) and collect their home’s equity in the form of cold, hard cash. Often, borrowers choose cash-out refinancing to consolidate debts, pay for their child’s college tuition, buy a new car, or finally make those costly home improvements.

Cash-Out Refinance Rates & Terms

Cash-out refinancing helps borrowers get into a new mortgage loan with a better interest rate or lower term depending on their near or long-term future financial goals. For instance, a 30-year term cash-out refinance puts cash in your hand while keeping your monthly mortgage payment low. A 20-year term cash-out refinance is the happy medium option, still putting money in your pocket while offering a shorter loan term than a 30-year term. For aggressive borrowers or those looking to crack down on their retirement plan, 15-year term cash-out refinance means you’ll be paying the loan off in half the time of a 30-year mortgage loan and at a higher monthly payment amount while pocketing your home’s equity.

Cash-out refinance rates vary based on the type of refinance term you choose. Traditionally, 30-year mortgage and refinance rates will have a higher interest rate than 20 and 15-year term options. Refinance rates will also depend on the borrowers’ financials like credit score and income. Speak with a Wyndham Capital Mortgage expert loan officer to discuss refinancing options and see if a cash-out refinance is right for you.