A cash-out refinance lets you take advantage of the equity in your home while refinancing your mortgage at the same time. 看看它是否适合你.
抵押贷款有多种形式和规模. A mortgage loan can provide you with the money you need to buy a house. But they can also replace your current loan while bringing a lower interest rate or other terms that you prefer over the old loan, 这个过程被称为再融资.
One type of mortgage refinance lets you borrow a greater amount than the balance of your current mortgage. This is known as a “cash-out refinance” since it results in part of the loan going directly to you. Read on to learn more about cash-out refinances and why they may or may not be right for you.
顾名思义, a cash-out refinance is one in which you borrow more than you owe on your current mortgage. The balance of the loan that does not go to repay your mortgage goes to you as cash. A cash-out refinance lets you refinance your current mortgage and borrow against your equity in one loan.
Suppose you own a home valued at $750,000, and you have a mortgage with a balance of $350,000. 你的房屋净值是40万美元. You could borrow against the equity with a home equity loan or home equity line of credit, but that would be separate from your existing mortgage and would require a monthly loan payment in addition to your mortgage payment.
Most mortgage lenders require you to keep at least 20 percent of the equity in your home free from any mortgage or home equity liens. In the example above, you would have to maintain at least $150,000 in equity. At the present mortgage balance, you could get a home equity loan for no more than $250,000. The maximum amount you could borrow with a cash-out refinance would be $600,000, 导致250美元,000(减去各种费用)现金支付给你.
并不是所有的抵押贷款都包含20%的权益要求. A 弗吉尼亚州现金不足再融资, 例如, 允许你用你百分之百的权益来借款, but only if you meet the eligibility requirements for the program.
Note also that the cash from a cash-out refinance will not be yours immediately after closing. 你有一个 三天的撤销权 根据《借贷真相法. You have three days to change your mind about the loan for any reason, or for no reason at all. Until those three days have passed, neither the lender nor the escrow agent will release any funds.
Obviously, a cash-out refinance results in you receiving a large sum of cash. 如果你明智地使用它, such as to pay down other debt or make improvements to your home, 这对你非常有利.
Most homeowners who refinance their mortgage do so to get a lower interest rate. 套现再融资也是如此. Since a cash-out refinance will increase the total balance of your mortgage, a lower interest rate will help keep your expenses from increasing too much.
If you use the money from a cash-out refinance to make improvements to your home, you cannot deduct the cost of those improvements from your personal income tax. 但是,您可以 把这些费用加到你的房屋基础上.
“基础”是你购买一项资产时的原始价值. If you sell an asset for an amount greater than the basis, you might owe tax on the difference. Increasing your basis makes it less likely that you’ll owe tax if you sell the house.
You could use the cash from a cash-out refinance to pay other debts. This can reduce your overall expenses if those debts had higher interests rates, 比如学生贷款或信用卡债务. It can also improve your credit score by reducing your total amount of outstanding debt.
抵押贷款再融资的成本通常更低, 就借款人支付的成本而言, 比房屋净值贷款和其他个人贷款. A cash-out refinance could get you more money than a home equity loan that technically provides you with the same amount.
A cash-out refinance will, by definition, have a higher balance than your previous mortgage. If your monthly payment remains the same, you could be adding years until you’ve paid off the loan. 你可以尝试保持相同的还款期, but that almost certainly means that your monthly payment would go up, 即使利率更低.
你借的钱越多，房子的价值就越高, 你越愿意面对失去家园的风险. Using a cash-out refinance to obtain money requires financial discipline. The money needs to be put to good use, or else you are exposing yourself to risk without reason.
如果你有问题, 或者你想知道更多关于你的选择, 球道伍德集团在这里提供帮助. You can learn even more about refinancing on our refinance loan option page. Or, 开始你的免费预批准 我们的快速问卷!