| Need Assistance? 1-866-597-HALO 1-866-597-4256 |
Refinance and Get Cash Out...
| A home is the greatest financial tool that most individuals have. You have been accumulating equity through making your monthly mortgage payments and through appreciation. Now is the time to unlock that untapped equity source and to enjoy the benefits. You can consolidate all of your high interest debt into one manageable monthly payment, start that home improvement project that you have been pondering or treat your children to the college education they deserve. Contact us today to find out about all of your options. |
| Need Assistance? 1-866-597-HALO 1-866-597-4256 |
 | |  | |  | |  | |  |
| • Refinance • Purchase Real Estate • Lower your bills • consolidate debt • Get cash out • Credit improvement • Expand your business |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
 | |  | |  | |  | |  |
 | |  | |  | |  | |  | |  | |  | |  | |  | |  | |  |
What is Cash Out Refinancing?
With cash-out refinancing, you refinance your mortgage for more than
you currently owe, then pocket the difference.
Here's an example: Let's say you still owe $80,000 on a $150,000
house, and you want a lower interest rate. You also want $20,000
cash, maybe to spend on your child's first semester at Princeton. You
can refinance the mortgage for $100,000. Ideally, you get a better rate
on the $80,000 that you owe on the house and you get a check for
$20,000 to spend as you wish.
Cash-out refinancing differs from a home equity loan in several ways:
* A home equity loan is a separate loan on top of your first mortgage.
* A cash-out refinance is a replacement of your first mortgage.
* The interest rates on a cash-out refinancing are usually, but not
always, lower than the interest rate on a home equity loan.
It doesn't make sense to refinance a higher amount at a higher rate. If
your current mortgage is at a lower interest rate than you could get now
by refinancing, it's probably better to get a home equity loan. Or, if
you're 20 years into a 30-year mortgage, you're paying more principal
than interest with each mortgage payment, says Nancy Flint-Budde,
independent Certified Financial Planner in Salem, N.Y. "If you are that
far into a loan, then it might not make sense to refinance, even if your
current rate is slightly higher."
With cash-out refinancing, you refinance your mortgage for more than
you currently owe, then pocket the difference.
Here's an example: Let's say you still owe $80,000 on a $150,000
house, and you want a lower interest rate. You also want $20,000
cash, maybe to spend on your child's first semester at Princeton. You
can refinance the mortgage for $100,000. Ideally, you get a better rate
on the $80,000 that you owe on the house and you get a check for
$20,000 to spend as you wish.
Cash-out refinancing differs from a home equity loan in several ways:
* A home equity loan is a separate loan on top of your first mortgage.
* A cash-out refinance is a replacement of your first mortgage.
* The interest rates on a cash-out refinancing are usually, but not
always, lower than the interest rate on a home equity loan.
It doesn't make sense to refinance a higher amount at a higher rate. If
your current mortgage is at a lower interest rate than you could get now
by refinancing, it's probably better to get a home equity loan. Or, if
you're 20 years into a 30-year mortgage, you're paying more principal
than interest with each mortgage payment, says Nancy Flint-Budde,
independent Certified Financial Planner in Salem, N.Y. "If you are that
far into a loan, then it might not make sense to refinance, even if your
current rate is slightly higher."