NV Capital Corporation in Las Vegas, NV, can help provide you with different options to consolidate your debt or give you extra cash on hand, including cash-out refinance loans. Cash-out refinances are some of the best ways for homeowners to take advantage of their equity, lower their mortgage rates, and it can help owners who need money relatively quickly.
Using Cash-Out Refinance Loans
Cash-out refinances are loans that are bigger than your current mortgage and are based on the equity of your home. These types of private money residential loans add on to your existing mortgage and allow you to cash out on the difference.
For instance, if you have $500,000 in equity and owe $150,000 on your home, you can take out a new home mortgage of $250,000 and receive a $100,000 cash payment at closing.
Cash-out Vs. Traditional Refinancing
Unlike traditional refinancing, the loan amount itself will change as soon as you take out a cash-out refinance loan. Unlike traditional refinancing, you will also receive a cash payout during closing.
Reasons For Traditional Refinancing
- Change the name on the mortgage
- Get a better interest rate
- Add more to the principal balance
- Take Advantage Of Cash-Out Refinancing
- Relatively Easy & Convenient
- Only Requires 20% Equity
- Credit Score of at least 630
- Debt-To-Income Ratio Of 45%
Lower Your Interest Rate
In addition, refinancing could also potentially get you a lower interest rate. If your interest rate was high when you purchased your home, refinancing today could have a lower interest rate that can help you save more.
Reasons To Get Cash-Out Refinancing
- Consolidate Your Debt
- Use Your Cash Payout To Pay Down Credit Cards
- Use It To Finance Your Business Idea
- Get Extra Cash For A Vacation
- Pay For College Or School Expenses
- Purchase A Vehicle
Apply For Your Loan At NV Capital Corporation Today
Take advantage of all that cash-out refinance loans have to offer. For more information on how to apply for these types of Nevada real estate loans, contact NV Capital Corporation today.