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Joe Johnson | from your Southwest County Specialist Blog

Wednesday, March 30, 2022   /   by Joe Johnson

4 Ways a Cash-Out Refinance Can Help You Pay Off Debt


What is a cash-out refinance?

How can it help me?

What are the risks?

Being a homeowner not only gives you a property where you can live and build memories with your family, it is also an investment from which you can draw funds if you need them.

If you have equity built up in your home—meaning your home is worth more than what you owe on your mortgage—it’s possible to use some of that value toward reducing your debt or paying for a major life milestone through a cash-out refinance.

What Is a Cash-Out Refinance?

To refinance means to exchange your current mortgage for a new one that saves you money in the long run; for example, by lowering your rate or shortening your loan term.

A cash-out refinance is a type of refinancing in which you take out an entirely new, bigger loan to replace your original mortgage, and you pocket the difference at closing. The amount you receive depends on your equity, f ...
Reiner Realty
Rene Reiner
2923 Brambleton Ave. SW
Roanoke, VA 24018
Joel Balsley
Licensed in VA
Office #: 540-278-1430
Mobile #: 540-597-8877

Featured real estate company is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn about its products and your eligibility for such products. The featured lender has an affiliated business relationship with the featured real estate agent. You are under no obligation to use the featured lender for financing. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
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