If you are in search of a way to give yourself the financial liquidity that you need to make repairs or improvements to your home, or you are hoping to consolidate your debts, one of your options is a cash-out refinance.
A cash-out refinance is different from a traditional refinance. With a traditional refinance, the new mortgage carries the same balance as your previous one. What a cash-out refinance, the balance on your new mortgage increases.
This increase over the original amount is disbursed to you in the form of cash, thus the name “cash-out” refinance.
The interest rate for a cash-out refinance is generally more competitive than that for a home equity loan or home equity line of credit.
It may be possible to refinance to a lower interest rate than you are paying now.
A cash-out refinance can be used for consolidating your debts.
The interest payments you make on your mortgage are tax deductible, which can add to your savings if debt consolidation is one of your reasons for obtaining a cash-out refinance.
You must have significant equity in your home to qualify for this type of refinance.
There are closing costs and fees when you get a refinance, so you will need to make sure that you will be able to afford them.
A cash-out refinance is a great option if you want to convert a large amount of equity into cash. Even though you cannot borrow against 100% of your home equity, you could borrow against as much as 90%.
PMI may be required depending on how much equity you borrow against. The higher the percentage, the more likely it is you will need to pay for PMI every month.
Liberty Capital Services LLC is located on 438 E Wilson Bridge Rd #106, Columbus. From John Glenn Columbus International Airport (CMH) head south on Stelzer Rd and use the right lane to turn right onto International Gateway. Then keep right to stay on International Gateway and merge onto I-670 E. Next, continue onto US-62 E and use the left 2 lanes to merge onto I-270 N toward Cleveland. After that take exit 27 toward Cleveland Ave and use the right 2 lanes to turn right onto Cleveland Ave. At this point use the left 2 lanes to turn left at the 1st cross street onto Schrock Rd and continue straight to stay on Schrock Rd. Finally, turn right onto Huntley Rd and turn right onto Worthington Galena Rd. Turn left and Liberty Capital Services LLC will be on your right.
We are open Monday - Friday 9am - 6pm.
Liberty Capital Services LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.