Cash Out Refinance
What does it Mean to Cash Out Your Mortgage?
A Cash Out Refinance allows you to tap into the equity of your home. When refinancing, if you elect cash out in addition to your existing loan, the new mortgage balance will be larger than the original. Specifically, the new loan will consist of the current balance plus the desired cash-out amount.
Why Might you Want to Cash Out Your Home Loan?
Many homeowners choose to use a cash out refinancing loan for debt consolidation, home improvement, college tuition or for future investments. You might want to consider this option if you want to avoid paying high-interest rate credit cards.
You may also want to consider pulling cash out to make improvements to your home. This can boost the value of your home, increasing your equity and lowering your loan to value ratio.
You may also want to consider pulling cash out if you think that you can invest the money at a better rate of return than the mortgage rate.
Cash Out Refinance Tools and Resources
Is Now the Right Time to Cash Out Your Mortgage?
If you’re still not sure if you want to cash out your mortgage, give LMC a call for a free consultation with one of our experienced mortgage loan officers. LMC Home Loans has three office locations, but can assist any borrower located in Pennsylvania with their home mortgage needs. Our offices are located in Hershey, PA (Dauphin County); Lewisburg, PA in (Union County); and Lancaster, PA (Lancaster County).
Refinance Resources ›
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