Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
Refinancing your home with a cash-out refinance loan, means you can take your current loan, replace it with a larger loan and use the difference to your advantage. With the cash difference between the two mortgages, you can turn your equity into cash at a new low rate. This can be perfect for things such as home improvement, consolidating debt, or other large projects.
Generally speaking, the goal of refinancing is to obtain a lower interest rate than what you previously had to save money but also could be used to rid yourself of mortgage insurance if you had this as a cost before. Here are some of the other helpful benefits of using a 30 year cash-out refinance home loan:
When choosing a term for your refinancing loan option, extending the term is one way of getting a lower monthly payment. This can be exceedingly helpful when working to obtain certain financial goals and stability. By choosing a 30 year term, you can also generally apply for a larger amount, while having a smaller note as well.
How much cash will you get? There are several factors that are considered when evaluating the amount you will be receiving. The first item to consider is the current value of your home. This can be determined by a home appraisal. Once you know the value of your home, you can begin to estimate by subtracting the balance owed, versus the appraisal value.
The next item that is examined is the amount of equity you have left and your debt to income ratio. This can certainly affect your ability to refinance and the options made available to you. Finally, and most importantly is discussing with the loan officer if some equity needs to be left in and how much is allowed to be borrowed.
Other things to consider when going with this amazing refinance option is some of the additional costs that come with refinancing your home. About three to five percent will need to be set aside for closing costs. Rolling these costs into the loan itself is sometimes a viable option to go with if this option is available. However, paying the closing costs in cash is often beneficial and can sometimes be done with the cash obtained from the refinance itself.
Now that you know the ins and outs of choosing a cash-out 30 year fixed loan, call Firehouse Mortgage today to speak with one of our incredible loan officers to get started today. Let us take care of your home loan needs!
Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
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Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov.
