What are The Pros and Cons of A Cash Out Refinance.

D͟i͟d͟ Y͟o͟u͟ K͟n͟o͟w͟? that there’s not one but two different types of refinances? Rate & Term and Cash Out. Today’s video is all about the pluses and minuses of a cash out refinance.
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When you hear the word refinance you might think of a standard Rate & Term refinance as it’s the most basic type of refinance lenders offer. The rate and term refinance means your lender takes your existing outstanding mortgage balance and pays it off with a new mortgage loan for the exact amount with a few caveats. As an upside you get better credit terms meaning a lower interest rate but it might be surprising that there’s a second type of refinance that can be more beneficial under the right situation which is called a cash out refinance and much like a traditional rate & term refinance your new loan is still going toward paying off your existing loan balance but what’s unique is that a cash out refinance allows you to take out more money than what you currently owe on your home.

How’s that possible? Watch the video to learn more or…

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0:00 Intro
0:29 The Pros and Cons of a Refinance
1:45 The Limitations
2:26 The Pros
4:52 The Cons
6:23 Let me Fund you!

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