Let’s say you have a home that’s worth $150,000 and you owe $100,000 on the mortgage. That means you have $50,000 of equity in your home. A cash-out refinance allows you to access that equity. For instance, if you need $10,000, you can refinance your mortgage so that you owe $110,000 and the lender then gives you $10,000 in cash at closing.

Since every homeowner’s situation is different, your best option will depend on your specific circumstances. Quicken Loans has several mortgage options to choose from. When you compare cash-out refinance loans further, there are a few things you should consider in order to determine what’s best for you:

Speed

Need cash fast? Cash-out refinances can be done as quickly as two weeks.

Rate

A cash-out refinance loan typically has a lower rate than a home equity loan and can be done without taking out a second mortgage.

Term

Cash-out refinances lump all your payments into one low payment instead of having multiple payments due each month.

A Quicken Loans mortgage expert can help you learn more about a cash-out refinance loan. With your own personal mortgage expert to guide you, you’ll have no trouble determining if this loan is right for you.

If you still have questions, please call us at 800-251-9080 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.

 

Related Posts

This Post Has 21 Comments

  1. How long do I have to be on the deed of my house to take an equity loan out? I just had it signed over. I need to finish up remodeling it and it carries no mortgage with a worth of approx. $150k

    1. Good morning, Scott! There are a few variables I need to consider before giving you the best possible answer. I’m going to have one of our amazing home loan experts reach out to you with an email. They’ll be able to get you on the right track. Have a good day!

  2. I have a secondary home / rental / vacation home with plenty of equity. I am interested in a 2nd mortage loan or HELOC to do some improvements to the home and consolidate some credit cards. Does Quicken offer this type of loan and what is the interest rate. Also how long does it take to close a loan of this type with quicken?

  3. I purchased my home almost a year ago (cash). I paid24,000. I have done alot of work to the home and believee it is worth around 40,000. I am only looking to get a cash out of approximately 10,000.do you have anything t fit my needs..just looking to do more improvements and pay off some debt. thanks in advance for your help.

  4. One year ago I refinanced my home mortgage with quicken loans. I locked in 3.75 interest rate on a 30 year note. My original note was $200,000 and I has paid the note down to $181,000. Would it be possible for me to do a cash out refinance to pay off some high interest credit card debt all the while keeping my low rate?

  5. Hi! I am buying a home with a quick close. Is it possible to get a New loan on property after close if one paid cash or do you need to get a home equity line of credit?

  6. I know this article is 4 years old now but hoping someone will still reply? I have a mortgage with QL about $128, home is being rented out, and is worth around $160. Does QL allow cash out refinancing so the cash we receive can be used towards a 2nd home? Thanks for any help!

  7. Hi,

    We are looking for cash out refinancing to one of our investment property (duplex). WeI have five active mortgages currently, four of which are rental properties. I’m looking to do cash-out refinancing for the rental duplex I have in Santa Clara, CA.

    I need to know if you have any programs that allow cash out refi for someone in my situation, and if so, what are the rates / points /costs and what is the LTV requirement.

    Please reply at your convenience. I appreciate your help.

    Thanks

    1. Hi Ruby! I have forwarded your question to our Home Loan Experts who will try to see if they can help you out. Thanks for reading!

  8. I own my home no mortgage my credit scores are 620 and below I’m looking for a home equity loan of 85k the house is worth 230 to 250k

  9. i just refinanced (lees than 6 months ago) with quicken loans ands owe $129,000 on my townhome. I know it was assessed for approx $200,000. Would I be able to get an equity loan through Quiicken loans?

    1. Hi Mary! We’ve forwarded your question to our Home Loans Experts and they should be in touch with you soon! Thanks for reading.

  10. My son owns his home with no mortgage. He bought the home cash in may 15, 2012 cash. He bought it for 41,000. He now wants to consolidate his debt and want to use an equity or cash out. His FICO scores are 729, 688,729. What should he do?

  11. I AM TRYING TO GET A LOWER INTEREST RATE ON MY SINGLE WIDE MOBILE HOME BEING THAT I HAVE A 9.14 RATE. CAN YOU HELP ME FIND A WAY TO GET MY INTEREST RATE DOWN. I AM RETIRED AND NEED TO FIND A WAY TO PAY OFF THIS LOAN THAT I HAVE HAD FOR 4 YEARS NOW. I HAVE NO OTHER PROPERTY BUT MY HOME.
    THANK YOU

    1. Hi Joyce, Thanks for reaching out to Quicken Loans. Unfortunately, we do not offer financing on mobile homes. Perhaps you can contact your local bank and see if there are options available. Thanks again and have a great day.

Leave a Reply

Your email address will not be published. Required fields are marked *