Cash Out Refinance
Cash-out refinancing is an option for customers looking to access their home equity for a variety of purposes. Unlike a rate/term ( no cash out ) refinance in which the customers objective is simply to obtain a lower interest rate and/or better loan terms, the objective of a cash-out refinance is primarily to access money tied up in a homes equity (we also offer cash out refinance for vacant land).
Key Features
- Customer may use cash out of the refinance to pay off other mortgages, to acquire a property or, to meet other needs like home improvements, equity buyouts and more
- Receive cash out to consolidate debt or for any other purpose
- Eliminate upfront costs to the borrower by rolling all related closing costs, financing costs and prepaid items into the new loan amount
- 1- to 4-unit Primary Residences, 1-unit Second Homes and 1- to 4-unit Investment Properties are eligible for Cash-out Refinances
- Up to 90% loan-to-value for a 1- to 2-unit Primary Residence or 1-unit Second Home Special purpose cash-out refinance mortgage option
- We offer cash out refinance vacant land
With Atlantic Mortgage's cash-out refinance programs, borrowers win when they receive cash out from the increased value of their home to use for debt consolidation or any other purpose.
Our Cash-out Refinance mortgages offer flexibility and variety so borowers can meet a diverse range of needs; reducing a rate and monthly payment or paying off a junior lien not used in its entirety to acquire the subject property; paying for home improvements; or paying off a leasehold interest.
All related closing costs, financing costs and prepaid items can be rolled into the new loan amount, further maximizing borrowers cash flow potential.
In addition, our special purpose cash-out refinance mortgage allows borrowers in special circumstances to use the proceeds of the refinance transaction to buy out the equity of a co-owner. With the special purpose cash-out refinance mortgage in your product line, you can now offer your borrowers another option to meet their specific needs.
Before making a final decision, borrowers considering a cash-out refinance should also consider a home equity line of credit ( HELOC ).