A cash-out refinance allows you to get cash out of your home using your home's equity. You can use this cash to make repairs or remodel your home, pay for your child's college or wedding, pay off debt, or make another large purchase. It's beneficial to wait several years before trying to refinance this way. The longer you wait, the larger your equity will be. Both Conventional and FHA loans can be refinanced this way.
A cash-out refinance allows you to refinance your mortgage using the current interest rate. Depending on what your original interest rate was, this could mean a lower rate and a monthly savings for you.
Using your cash-out refinance to pay off credit cards or other debt, could give you a boost to your credit score.
Mortgage interest payments can be submitted on your tax returns. In some instances, this could result in a refund. Credit card interest cannot be submitted on tax returns, so paying off a high-interest credit card with a cash-out refinance might be a better option for you.
Use your home's equity how you'd like. A cash out refinance is perfect for paying off debts, remodeling or repairing your home, or even paying for big purchases like a wedding or college for your kids.
Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
Lock in your mortgage rate early and stay in the loop. Your Ruoff Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.
Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.
Refinancing depends on your unique situation as it compares to the constantly changing mortgage market.
Paying off one loan by obtaining another; homeowners can refinance to secure better loan terms or a lower interest rate.
You can usually refinance once you have owned the home at least 6 months. Sometimes a longer period is required.
