What is a cash-out refinance?
A cash-out refinance replaces your current mortgage with a larger one and gives you the difference in cash. With Florida home values up, many owners tap equity for renovations, debt payoff, or investment.
Most programs let you borrow up to 80% of your home's value on a primary residence. The new loan resets your rate and term, so it makes the most sense when you can use the cash productively and the new rate still works. We'll run the break-even.
Tapping your equity
A cash-out refinance replaces your current mortgage with a larger one and gives you the difference in cash. You use your home equity to fund things like renovations, debt payoff, or an investment.
If you owe $200,000 on a $350,000 home, you might refinance to $280,000 and pocket the $80,000 difference.
The limits and costs
Most lenders let you cash out up to 80% of your home's value, leaving 20% equity in place. You pay closing costs and start a new loan term at current rates.
We will show how much you can pull and what it costs. Reach out and we will run your cash-out numbers.
Verify the details for your own situation against these government and agency sources: CFPB guide to refinancing and CFPB Owning a Home guide.