Leslie Huggins
#376158 RPI Real Estate Services 1412 Russell Parkway, STE B Warner Robins, GA 31088 478-954-3774  |  478-954-5665

Read my blog

6
May

Cash-Out Refi

 

Need cash to do renovations on your home and get it ready to sell? Got at least 20% in equity? Then you might want to consider a cash-out refi, which lets you take advantage of the equity you’ve built in your mortgage.

When you have a cash-out refi, you basically get a whole new mortgage that is larger than your current mortgage. If you have a $350,000 mortgage and you’ve built $100,000 in equity, you could refinance your mortgage for $400,000. Then, you can take out the cash money that you’ve already paid in. In our example, you could take out $50,000 cash and use that for whatever you need. Many people use this cash to do renos so they can sell their home for more and have a bigger ROI when they sell. 

But be cautious: this can increase your likelihood of foreclosure. And, of course, you’ll want to make sure that your home’s value matches the amount of cash you want to pull out. You can also face higher interest rates with this kind of refi due to the larger loan amount.

Blog Archives
Apr 2021 (56)
Your Dedicated Agent

Leslie Huggins

#376158 Mobile: 478-954-3774 Office: 478-954-5665

RPI Real Estate Services
1412 Russell Parkway, STE B
Warner Robins, GA31088
478-954-5665

I´m Here To Help

If you are ready to start your buying or selling process
give me a call at 478-954-3774 - I´m happy to answer all your questions.

Contact Me Today