Newfi can help you take cash out of your home for important financial goals such as:
- Paying off credit cards or other high-interest debt
- Home improvements or repairs
- Big ticket expenses like college or student debt
- Purchasing a rental property
- Or anything else you want!
What are current refinance rates today?
Newfi provides low interest rates for cash out refinancing. Interest rates vary depending on your credit, income, and other factors. Rates can change every day, so it’s smart to find out what rate you qualify for today. Get your rate now
What are the advantages of a cash out refinance?
- Get money for any purpose at a low interest rate secured by your home
- Reduce or eliminate high-interest debt in one fell swoop
- Use cash to help increase the value of your home with improvements or repairs
What are the disadvantages of a cash out refinance?
- Your new mortgage balance will be larger than before
- You may have a higher monthly mortgage payment or pay more in interest overall if you increase your rate or loan term
- You may incur refinancing fees
- You may increase the time required to pay off your mortgage
How does a cash out refinance work?
With a cash out refinance, you essentially take out a new loan that would cover your current mortgage balance, any additional cash you want to take out, and any other fees you want the loan to pay for.
After the refinance closes, you pay off your old loan balance in its entirety and use the remaining cash for whatever you like. You would also start making monthly mortgage payments on the new loan.
How much cash can I take out of my home with a refinance?
You can take up to 85% of your equity — the difference between your home’s current value and your mortgage balance — out as cash. The percent you qualify for will depend on your credit score, income, loan purpose, and other factors. A Newfi Loan Advisor can help you find out what’s available to you.
Just because you can borrow such a large amount of your equity doesn’t mean you should. Housing prices can drop, which could leave you “underwater” — that is, owing more than your house is worth. Plus if your income goes down and you have trouble making the new payments, you could lose your house. As with any loan, you need to make sure that you will have money to keep making payments, even if circumstances change with your job or the wider real estate market.
What would be my new monthly payment on a cash out refinance?
Your exact monthly payment depends on the interest rate you qualify for, the term you select, and the amount of cash you want to take out of your equity. Contact us to review your options and calculate your new payment.
Why trust Newfi Lending with your cash out refinance?
Newfi is a direct lender with years of experience in mortgage refinance. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!
How can I get more information?
Talk to us at Newfi Lending. We’ll get you a personalized refinance rate and review other options tailored to your situation.