Cash Out Refinance: Using Your Home Equity to Get Cash, Consolidate Debt, Possibly Lower Your Interest Rate and Mortgage Payment and More

1What is a Cash Out Refinance?

If you have available equity in your home and want to get cash, consolidate debt, lower the overall effective interest rate on your total debts or lower your overall monthly debt payments, a cash out refinance loan might be the solution you're looking for. With cash out refinancing, you refinance your mortgage for more than you currently owe and get cash for the difference.

• Replaces your first mortgage with a new mortgage
• Choice of fixed, adjustable or fixed-period ARM loan options for the new mortgage

2 Common Reasons to Refinance

• To consolidate debt
• To get cash
• To lower payments
• To lower interest rate
• To move from an ARM to fixed rate loan
• To move from a fixed rate loan to ARM

3Sample Scenario

You have good credit, a steady job, and owe $100,000 on a $200,000 house. Interest rates have dropped and you want to lower your interest rate. You also need $30,000 to pay for a kitchen remodel and $15,000 for debt consolidation.

• You refinance your loan for $145,000*
• Get a $45,000 check to spend on your remodeling project and to consolidate debt

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