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Cash-Out Refinance

Need funds for a big project or looking to consolidate high-interest debt? A cash-out refinance may be the right fit. By refinancing your mortgage for more than you currently owe, you can use the equity in your home to access cash — and simplify your finances in the process.
Cash-Out Refinance

With a Cash-Out Refinance, You Can:

  • Borrow up to 85% of your home’s value
  • Combine your mortgage and other debts into one streamlined loan
  • Fund home improvements, major purchases, or other big goals
  • Consolidate high-interest debt into one monthly payment

Flexible Refinance Options:

  • Conventional Fixed-Rate Terms: 10, 15, 20, 25, or 30 years
  • Adjustable-Rate Terms: 7/1, 5/1, 3/1, or 5/5 with 30-year term

Have a great rate on your current mortgage?

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Frequently Asked Questions

The cost of refinancing a mortgage should be considered along with the potential benefits. The cost will depend on various factors including the loan amount, property location, title company fees, the need for a valuation report, private mortgage insurance, and if you escrow property taxes and/or homeowner's insurance.

Homeowners can refinance to lower their loan term and/or interest rate, or in some cases to take cash out using the equity in their home. Taking cash out, or extending the loan term, can result in additional interest expense and taking longer to repay the loan, which should be considered in any refinance decision. The closing costs of a refinance can often be rolled into the new loan, or can be paid out of pocket depending on your preference.

To learn more about refinance options please call our Mortgage Department at 517-333-2424.

Privacy Notice, Consumer Caution and Home Ownership Counseling Notice, Electronic Correspondence Disclosure and Agreement, Mortgage Information, Nationwide Mortgage Licensing Systems IDs, Home Mortgage Disclosure Act Notice, Consumer Handbook on Adjustable-Rate Mortgage, CFPB Your Home Loan Toolkit, Reconsideration of Value

Home loans available for homes in the following states: Michigan, Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. Construction home loans are available in Michigan and Illinois. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.

APR is annual percentage rate, and is subject to change. Your rate will depend on your credit score and the term. The loans subject to credit approval.

 

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