Altamonte Springs, Florida Cash Out Refinance
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Cash Out Refinancing in Altamonte Springs, Florida
Cash out refinancing A cash-out refinance in Altamonte Springs, FL is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up in their Altamonte Springs, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Altamonte Springs, FL cash-out refinance on pretty much anything you want, be it paying down your credit card debt or taking a vacation. In practice, however, some uses of the money are smarter than others. If you have high interest debt such as credit cards, it may make sense to use a cash-out refinance to pay off this debt (do the math to make sure the all-in costs, including the closing costs for the cash-out refi, work out), because the interest you pay for your credit card likely far exceeds the interest on your new mortgage loan. In doing this, you get other perks, too: You may boost your credit score by paying down your maxed-out credit cards, and you can get a tax benefit from moving the credit card debt to mortgage debt because you can deduct mortgage interest on your taxes. It may also make sense to use this money to do home improvements, which can boost your home’s value down the road. Just remember, no matter what you use the cash for, it’s risky: You could lose your house if you don’t repay the new mortgage loan amount.
Example Of Altamonte Springs, Florida Cash Out Refinancing
A homeowner who owes $80,000 on a home valued at $200,000 has $120,000 in equity. That equity can be liquidated with a cash-out refinance loan providing the loan is larger than $80,000. The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.
How Does A Cash Out Refinance Differ From A Home Equity Loan?
- A home equity loan is a separate loan on top of your first mortgage.
- A cash-out refinance is a replacement of your first mortgage.
- The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan.
- You pay closing costs when you refinance your mortgage.
- Generally, you don’t pay closing costs for a home equity loan.
- Closing costs can amount to hundreds or thousands of dollars.
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Altamonte Springs is a suburban city in Seminole County, Florida, United States, which had a population of 41,496 at the 2010 census. The city is in the northern suburbs of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area, which the United States Census Bureau estimated had a population of 2,054,574 in 2008.[4]
Dr. Washington Kilmer of Cincinnati was the first person of European background to settle into the area circa 1870, and he named the area Altamont (minus the “e” from the present spelling) after Altamont, New York, an area near his childhood home. In 1882, the Altamonte Land, Hotel and Navigation Company, founded by Thomas C. Simpson and four other Massachusetts businessmen, gave the area its present name: Altamonte Springs. The company developed the core community along Altamonte Avenue (today’s SR 436) between Maitland and Longwood Avenues (today’s Ronald Reagan Boulevard). On November 11, 1920, the residents of Altamonte Springs voted 38 to 7 in favor of incorporation.[5]