A cash-out refinance pulls equity from your home for other purposes, such as home renovations or debt consolidation.
Minimum Credit Score: 620
Maximum Loan Amount: 80% of the home's value
Jim bought his home five years ago, and the value has since increased. He plans to use some of his equity to install a pool. It’s going to cost around 30k. He can now use money from his home's equity to finance the pool while also adjusting his loan amount to reflect
his homes increased value!
** Please note, by refinancing your existing loan, the total finance charges may be higher over the life of the loan.