Why a Cash-Out Mortgage Might Be the Right Answer
If you’re thinking about refinancing your home, Lakeview Loan Servicing, LLC (“Lakeview”) may be able to help with a cash-out refinance! The primary benefit of a cash-out mortgage is that unlike other refinances, a cash-out gives you a lump sum of cash to use however you’d like. This refinance unlocks the equity in your home, and makes it available to you. This can be a great opportunity for you to pay off credit card debt, pay for college tuition, or use the funds towards a kitchen or bathroom remodel, new roof, family vacation, or holiday travel and expenses.
So What Is A Cash-Out Refinance?
A cash-out refinance is a mortgage transaction in which the existing loan is replaced with a new loan for more than the balance of the existing loan. The new mortgage remains, which is less than the value of the home, and the difference is paid to the borrower. For example, a homeowner has an existing mortgage balance of $140,000 on a home valued at $200,000. The homeowner completed a Cash-out refinance and takes a new loan for $170,000. The borrower receives $30,000.
A cash-out refinance gives you access to a lump sum of cash that can be used for purchasing a new car, an engagement ring, anniversary gift, home improvements, vacation, or to pay off credit card debt.
The best part is that a cash-out refinance through Lakeview still has the benefits of a traditional mortgage refinance. With a cash-out refinance, you may also save money on your monthly payment, qualify for a lower interest rate, or be able to shorten the term of your loan in addition to the cash you receive.
Why Should You Complete A Refinance With Lakeview?
Working with the servicer of your existing loan will put you ahead of the game. A refinance through Lakeview can be quick and easy because your basic information is already in our system, meaning you may only have to provide a small amount of additional information.