Cash-Out Refinance

A cash-out refinance pulls equity from your home for other purposes, such as home renovations or debt consolidation.
Appraisal often required
Minimum Credit Score: 620
Maximum Loan Amount: 80% of the homes value
Example scenario
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 homes equity to finance the pool while also adjusting his loan amount to reflect his homes increased value!