A cash out refinance loan allows a borrower to extract equity from their home. This is typically a great alternative to a home equity loan. Often a borrower is able to reduce their interest rate and receive cash!

A cash-out refinance is when the new loan amount consists of the initial mortgage balance plus the additional amount taken in cash. Cash-out refinances are a popular way for borrowers to access the equity in their homes to pay down consumer debt or make additional purchases.

Popular uses for cash-out refinancing include:

Home Improvement

Invest in your property by adding an additional lot or making renovations, expansions and home repairs.

Debt Consolidation

Wrap your outstanding debts into one loan with a lower interest rate.

Educational Expenses and More

Pay for college tuition for a family member, or any other significant expenses you may have.

Call (855) MILEND-1 to speak to one of our licensed loan specialists about your plans for cash-out refinancing.

Note: Because of refinancing your current loan, your total finance charges may be higher over the life of the new loan.