Cash-Out Refinancing

Cash-out refinancing is the way to unlock your home's safe deposit box. Countrywide Bank’s Full Spectrum Lending Division has your key. Unlike traditional loans, our cash-out refinance loans allow you to take cash out of your home for any purpose.

What is cash-out refinancing?

Cash-out refinancing simply means you replace your mortgage with a new one, and get cash from the available equity you've built in your home at the same time. Equity is the difference between the current value of your home and the amount you owe on your mortgage. If your home has increased in value and you are looking to consolidate debt or need cash for any other purpose, then a cash-out refinance could be a good option.

With a cash-out refinance, you're able to borrow more than you owe on your current mortgage. You can use the difference for anything you want. What's more, depending on the terms of your current loan, cash-out refinancing may give you the opportunity to potentially lower both your interest rate and your monthly payment.

Reasons to use cash-out refinancing:

• Consolidate more costly personal debt

• Expand your business affordably

• Make home improvements at low, first-mortgage interest rates

• Take a dream vacation without dipping into savings

• Invest in real estate or other business ventures with capital you already have

• Pay school tuition for yourself or your children

• Purchase high cost items, such as cars or boats, and potentially deduct interest from your taxes too. (Consult your tax advisor for details regarding tax deductibility)

• Keep cash on hand for upcoming opportunities or emergencies

The bottom line: Cash-out refinancing gives you cash for any purpose.

You can choose cash-out refinancing with fixed, combination rate or adjustable rate loans. Countrywide's Full Spectrum Lending also offers alternatives to cash-out refinancing, in the form of second mortgages and home equity lines of credit. So you can trust that we won't recommend a cash-out refinance unless we know that it will help you meet your needs and realize your dreams. We help you fully explore all your options.

What is the difference between a cash-out refinance and a second mortgage, home equity loan or home equity line of credit?

The main difference is that a cash-out refinance replaces your current home loan with a new loan. Since the interest rate on a refinance loan is typically lower than rates for home equity loans, it can be a better option. On the other hand, refinancing can be a longer process than a home equity loan and does involve additional fees and closing costs. Fortunately, these fees and costs can be added to the loan amount so you can avoid paying them out of your pocket.

Every homeowner's situation is different. Countrywide can help you decide whether a cash-out refinance or other home loan option would best meet your financial needs.

Call us today at 1-800-909-8217, and our helpful loan professionals can assist you in finding the best available refinancing opportunity for you. Even if you’ve had a financial set-back, Countrywide is eager for the opportunity to serve you by helping put your financial difficulties behind you with a cash-out refinance loan.