As I mentioned in the post above , can someone explain to me what a cash out refinance is, and also how can I use to it to refinance a HELOC ?
If you can give me a couple of examples shored up by some numbers it would be great .
Thank you .
Property Value = $200,000
Outstanding Loan = $100,000
I want cash now so I do a cash-out refinance up to 85% LTV.
85% of $200,000 = $170,000
I now have a loan of $170,000...I pay off my old loan of $100,000 and now I have $70,000 left in my hand.
I hope this helps!
A lot!!! , thanks 🙏