Want cash in your pocket and a new mortgage at the same time?
Get a cash-out to refinance. Turn your home’s equity into cash you
can use for whatever you need.
We don’t charge those junk fees to pad our pockets. You’ll never pay more than you have to.
If you don’t make it to closing on time, we’ll pay you and the seller.
If you’re in the refinance season of homeownership and want to take advantage of your home’s equity for things like emergencies, home renovations or college tuition payments, Wyndham Capital Mortgage’s cash-out refinance may be your ticket.
What Is a Cash-Out Refinance?
A cash-out refinance allows homeowners to refinance their home (paying off their original mortgage loan) and collect their home’s equity in the form of cold, hard cash. Often, borrowers choose cash-out refinancing to consolidate debts, pay for their child’s college tuition, buy a new car or finally make those home improvements.
Cash-Out Refinance Rates & Terms
Cash-out refinancing can help borrowers get into a new mortgage loan with a better interest rate or lower term depending on their needs.
30-Year Term Cash-Out Refinance Rates
A popular refinance option is the 30-year term cash-out refinance because it puts cash in your hand while keeping your monthly mortgage payment low. A 30-year cash-out refinance also comes with lower interest rates than other options.
20-Year Term Cash-Out Refinance Rates
A 20-year term cash-out refinance is the happy medium option. It still puts money in your pocket but offers a shorter loan term than 30 years. This means you can pay off your home loan sooner without drastically changing your interest rate or monthly payment.
15-Year Term Cash-Out Refinance Rates
For those looking to crack down on the length of their mortgage loan, a 15-year term cash-out refinance means you’ll be paying the loan off in half the time of a 30-year mortgage loan and at a higher monthly payment amount while being able to use your home’s equity for a variety of reasons. A 15-year cash-out refinance typically comes with lower interest rates, which makes this option worth it for some.
Benefits of a Cash-Out Refinance
Depending upon your personal financial situation, there are several benefits to a cash-out refinance. Lowering your current interest rate can save you money. Plus, a cash-out refinance allows a homeowner to turn their hard-earned equity into cash.
Cash-Out Refinance Rates: Frequently Asked Questions
How do I get competitive cash-out refinance rates?
Cash-out refinance rates vary based on the type of refinance term you choose. Traditionally, 30-year mortgage and refinance rates will have a higher interest rate than 20 and 15-year term options. Refinance rates will also depend on the borrowers’ financials like credit score and income.
How much can I cash-out when I refinance?
The amount of money you can cash-out for a refinance depends on the guidelines set by your mortgage company. Typically, you can take out 80 percent of your home’s current equity.
Do I have to pay closing costs on a cash-out refinance?
Yes. Just as with your original home loan, you are responsible for paying closing costs on your refinance loan.
Who should utilize a cash-out refinance option?
Anyone who wants to leverage their home’s equity and use it for things like home repairs or additions may want to utilize a cash-out refinance. Whether it be because of a situation that leaves you needing cash or a long list of home improvements you want to make, cash-out refinancing can allow you to take use your hard-earned equity.
What’s the difference between a cash-out and streamline refinance?
A cash-out refinance allows you to use your home’s equity and revise your current home loan. A streamline refinance replaces your current mortgage with a new one. The principal balance stays the same although the interest rate and loan length can change.
How do I get started?
Speak with a Wyndham Capital Mortgage expert loan officer to discuss the current cash-out refinance rates, review your refinancing options and see if a cash-out refinance is right for you.
2023 Wyndham Capital Mortgage is an Equal Housing Lender. NMLS ID# 2948 (For licensing information, go to https://www.nmlsconsumeraccess.org/) | 888-923-9911 | 4064 Colony Road, Morrocroft II, Floor 2, Charlotte, NC 28211 | Wyndham Capital Mortgage licensed by
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