| Are you looking to pull some extra cash from your | | | | can be as low as 6%, and you'll get tax benefits too |
| home? If you've built up equity in your home then you | | | | because the debt is part of your home mortgage. |
| can most likely refinance and get cash out when you | | | | In most cases, a California homeowner can refinance |
| need it. | | | | up to 100% of their home value. You may be able to |
| With a new cash out refinance mortgage loan, you | | | | keep your monthly payments the same or even lower |
| can turn your home equity into cash for just about any | | | | them. The length of your loan payback period will |
| purpose. | | | | determine your monthly payment amount. |
| Here's how a cash out refinancing loan works. Let's | | | | Even if you have bad credit you can still qualify for a |
| say your home is worth $300.000 and you still owe | | | | refinance loan, since your home is used as collateral. |
| $200.000 on the existing mortgage. The difference of | | | | But don't forget that you could wind up losing your |
| $100.000 is the home equity available to you. | | | | home if don't make your payments. |
| It's up to you to do whatever you want with the | | | | Cash out refinancing can be a smart thing to do. You |
| money from your home refinance. A good way to use | | | | can pay off debt, improve your home, pay for |
| it is to consolidate any high interest debt you might | | | | education, or even start a home business with the |
| have. The interest rate on a cash out refinance loan | | | | money you get from your home. |