What is a cash-out refinance?
If you have equity in your home — you owe less than the home is worth — you may be able to refinance and get some of the equity out in cash. Homeowners can use the cash for any reason, but a common use is for debt consolidation, or home improvements, which may increase the value of the home.
How long do I have to own my home before I can refinance?
Generally, you must be on title of the home at least 1 day prior to application to obtain a rate and term refinance. You must be on the title of the home for 6 months prior to application, before you can obtain a cash-out refinance.
How do I choose the right lender?
When it comes to choosing a mortgage lender, many borrowers’ top focus is on pricing. People want to go with the lender that’s going to give them the better deal. Even though pricing is the number one priority, there are other things to consider as well such as the loan programs offered, and the ease of working with the lender.
At AmeriSave, great rates and technology that makes obtaining a mortgage easy and efficient are our top priorities. We offer in-house processing, underwriting, closing, and funding, so that we can offer our very best rates and minimize delays.
It’s important to compare rates from multiple mortgage lenders to ensure you are receiving the deal that’s best for your needs. However, when comparing rates, keep in mind that in order to get the most accurate picture, you should compare rates for the same type of mortgage on the same day because the market changes daily. You will also need to review the cost of title insurance, closing/attorney and appraisal. Your Loan Estimate will show a breakdown of those fees.
For the financially savvy, refinancing your mortgage can be a very lucrative decision. Make sure you pick a lender that is going to offer you the best savings and meets all of your requirements.