Cash Back Mortgage Refinance Loan
A cash back mortgage refinance loan is a new loan that is larger than the remaining balance on your current mortgage. When you refinance with a cash back mortgage, you literally get cash back from the equity in your home. You can use a cash back mortgage loan to pay for the things you need, from home improvements to college tuition.
For example if your home is worth $250,000 and you owe $150,000 on the mortgage, that means you have $100,000 of equity in your home, which is like having $100,000 in a savings account. If you need $50,000 for some much-needed home repairs, a cash back loan allows you to refinance your mortgage so that you owe $200,000 and the lender gives you $50,000 in cash at closing. The lump sum amount you receive in a cash back mortgage refinance loan is the difference between the old loan (and closing costs and fees) from the new loan. Call (800) 251-9080 to talk with a Quicken Loans Mortgage Expert about your options.