Cash Out Refinance
Home Refinance Services
Would extra cash from a refinance benefit your financial future? We can help you navigate the refinance process and options. 5280Lend.com specializes in home financing solutions for homebuyers in Colorado and the Denver area.
Understanding the best time to refinance and the requirements involved can feel complex. That’s why you need a trusted expert on your side.
There’s a lot of information out there, and you want access to the best available deals and rates. As Colorado mortgage experts, our team helps homeowners through the refinance process. Working with us offers peace of mind.
Contact us to schedule a FREE mortgage assessment.
What Is a Cash-Out Refinance?
A cash-out refinance is when you take out a new loan that allows you to borrow more than what you currently owe on the property. A loan that is larger than your current loan, gives you the difference as “cash-out” to you to do various things with that money.
Some examples include:
- Consolidating debt.
- Financing home improvements.
- Investing in other real estate.
- Investing in business opportunities.
How Does a Cash-Out Refinance Work?
The beginning of this process is the same as when you are buying a home. You will begin by either filling out a loan application (URLA) or calling in and having your lender fill one out for you.
Having a lender determine what you are hoping to achieve and combining that with what you will qualify for will be an important step in getting you some concrete numbers and facts.
Once you have numbers and facts and have decided to proceed, the next step is to get an appraisal, and submit the additional paperwork that underwriting will need to approve your loan.
Once your loan has a Final Approval, the last step is to close the transaction. At this point, you will sign the documents and wait for your funds to be distributed to you through a title company. You will usually have to wait three days to receive these funds because of the three day Right of Cancellation you are afforded if you are refinancing your Primary Residence.
If you have questions about Cash-out refinancing, we’re happy to answer them. Contact us today to learn more.
What Are the Benefits of a Cash-Out Refinance?
Cash Out Refinance FAQs
Colorado’s Knowledgeable Mortgage Refinance Bank
5280Lend.com makes refinancing easier. Homeowners have many financing options, which can make the process confusing. We help connect you to the best information to ensure you receive the optimal option for your financing future.
We help clients in Colorado and the Denver area refinance their homes. We will thoroughly analyze your finances to determine the best solution for you.
To start the process or learn more, fill out the CONTACT FORM or CALL US to schedule a consultation.