We are a full time real estate and mortgage broker dealing with hundreds of home closings every year.
Cash out refinance is a popular option for the borrowers who have multiple credit cards with high interest rates and other high interest bearing loans that can be consolidated as one loan by doing cash out refinance from your property. The property can be primary or investment. This is a true money saver since the interest rate is very low. If cash is needed for home improvements, college education or to consolidate debts, the borrower may be able to refinance 75% to 80% of the current value of the home if it has been owned for one year or more.