Cash Out Refinancing

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How To Cash In On Cash Out Refinancing

Martha and her mother were long time homeowners with a steady income.  They both worked hard for years to maintain their 3 bedroom home.  The time had come for a rather dramatic change.

Martha decided to get married.  The news was just what Martha’s mother hoped for.  As she went about planning the wedding Martha and her mother realized that they had not considered the magnitude of such an occasion.  They just did not have the funds.  Yet a much simpler wedding would not due.  Martha suddenly got an idea that would not only cover the cost of the wedding but also allow them to lower their mortgage payments and payoff some other bills at the same time.  Cash-out Home Refinancing. 

 Cash-out refinancing programs allow you to refinance your mortgage for more than you currently owe and pocket the difference.

Example: Martha and mom owe $90,000 on a $140,000 house, and they want a lower interest rate and pay less in monthly mortgage payments.  They also want $15,000 cash to spend on the wedding, and honeymoon. They decide to refinance the mortgage for $105,000. this allows them to get a lower rate on the $90,000 that they owe on the house, and get a check cut in the amount of $15,000 to spend as they please.  They can hear the wedding bells a-ringing.

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