Cash Out Refinances in Westlake Village, CA
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A cash out refinance is the refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Most homeowners do cash out refinances in Westlake Village to turn some of the equity they’ve built up in their homes into cash.
A cash out refinance in Westlake Village may help you improve your financial situation. Choosing the right product is very important, and Elite Financial can help guide you through the process of choosing the right program suited to your specific needs.
We can best explain the process by providing an example of how it works. Let’s say a homeowner has a house valued at $400,000 with an existing mortgage of $200,000. With a cash out refinance, the homeowner essentially creates a new mortgage with a value higher than the original one. In this example, we’ll value the new mortgage at $300,000. That extra $100,000 is given in cash to the homeowner. Bear in mind, however, that this isn’t free money—the homeowner now has $300,000 in mortgage loans to pay off, rather than the $200,000 they had previously.
Since your home mortgage may still be tax-deductible (check with your tax advisor), taking cash out to pay off nondeductible, higher interest, or higher payment loans may help you become more financially comfortable. We offer safe, low-interest loans, even if your credit score is lower than you prefer. Note: Paying off debt can even help improve your FICO score.
A free, no-obligation consultation can help give you the tools to make an informed financial decision. Whether you live in the Westlake Village, Conejo Valley, or anywhere in California, Elite Financial is here to advise you on your best mortgage options. Click here to read more about our loan options.
This information is not intended to be an indication of loan qualification, loan approval, or commitment to lend. Loans are subject to credit and property approval. Availability of programs is subject to change without notice