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A cash-out refinance is designed for homeowners who have an existing mortgage and want to refinance to a lower rate and get cash in-hand at closing. This is accomplished using the equity in your home. While your new loan amount will be higher than your previous mortgage, you’ll have cash to use any way you wish.
With real estate prices at their current level, most homeowners will find they have a significant amount of equity in their home that they can put to good use. Your Sprout Mortgage Loan Advisor will talk to you about cash-out program terms and options, so you get the loan that meets your needs.
This can include a wedding, education, elder-care, home improvements, and more.
Use your cash to pay off high-interest credit card debt, private loans, auto loans, or other debt. The interest rate on a cash-out refinance may be lower than revolving credit card interest rates, so if you consolidate your more expensive debt through a mortgage refinance and enjoy lower monthly payments*.
Because you can choose to pay a fixed interest rate throughout the life of the loan, you always know what your monthly mortgage payment will be. A cash-out refinance is part of your mortgage, so you only make one monthly payment. This is different than a HELOC (Home Equity Line of Credit), which is a line of credit based on your home equity and requires a monthly payment separate from your mortgage payment. Most HELOCs have a variable interest rate, making your monthly payment amount less predictable.
The amount of money you pay as interest on your loan amount may be tax deductible*. Check with your tax professional to see if you qualify for the deduction.
Whether you’re a small business owner, yoga instructor, seasonal employee, freelancer/contract employee, or investor, Sprout can help you get a mortgage!