Cash-Out Refinance

You can obtain money to use for any purpose you like and potentially get a better rate on your mortgage with a Cash-Out Refinance from Bank of Internet USA. A Cash-Out Refinance allows you to replace your current mortgage with a new home loan. This new home loan pays off your current mortgage balance and lets you access the equity in your home in the form of a lump-sum cash payment at closing.

What can I do with the money I get from a Cash-Out Refinance?

One of the benefits of a Cash-Out Refinance is that you are not limited in the ways you can spend your lump-sum cash payment. You can:

  • Invest in an additional property or business venture.
  • Fund home improvements or other major household projects.
  • If you have children, pay for their weddings or college tuitions.
  • Pay off higher-interest-rate credit cards or auto loans.
  • Feel relieved knowing that you have extra cash on hand for emergencies.

Call 1.888.546.2634 to speak to a knowledgeable Bank of Internet USA who will create a loan that is just right for you.

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What is a Cash-Out Refinance?

A Cash-Out Refinance allows you to take out a new home loan for more money than you owe on your current mortgage and accept the difference in cash. This enables you to access some of the equity you’ve accrued as a homeowner.

Cash-Out Refinance vs. Home Equity Loan

Unlike a Cash-Out Refinance, a or is a second mortgage rather than a new first mortgage. In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.

Alternatively, a Cash-Out Refinance refinances your current loan under new terms, so it’s not a second mortgage, but merely a new first mortgage. Benefits of Cash-Out Refinances include possibly lower rates and simpler terms since the cash out is provided on the loan in the first lien position on the home, and a second mortgage is not applicable.

For further information about the differences between Cash-Out Refinance and our Home Equity Loans, please .

Our Most Popular Home Loans Are Available for Cash-Out Refinancing

  • : Get the lowest rate available with a 5-, 7-, or 10-year adjustable rate mortgage (ARM), and you may end up paying thousands less compared to a traditional fixed rate mortgage during the initial years of your loan.
  • : If you prefer a more traditional mortgage, you can lock into one of our great low interest rates with a 30-year fixed mortgage today.
  • : If you are qualified, you can refinance to a fixed rate, government-backed FHA loan and stop skyrocketing mortgage payments.
  • : A VA loan allows qualified veterans, military members, and military spouses to enjoy locked, low interest rates and low monthly payments.

Why Refinance Your Mortgage with Bank of Internet USA?