Coconut Creek, Florida Cash Out Refinance
Ready to do this? We got your back!
![](https://smchomeloan.com/wp-content/uploads/2018/10/cash-out-refinance.png)
MEET YOUR FLORIDA MORTGAGE BROKER
24 Hour Live Mortgage Hotline
We are available to answer questions and ready to get you pre-approved. Connect with your own personal Mortgage Broker now. Coconut Creek, FL Cash Ourt Refinance (888)429-6601.
Online Mortgage Application
Start your online mortgage now. Our easy home loan application can be completed in 10 minutes. Move along quickly with secure document uploads & electronic signatures. We will get you to the closing table quickly. START ONLINE APPLICATION.
Cash Out Refinancing in Coconut Creek, Florida
Cash out refinancing A cash-out refinance in Coconut Creek, 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 Coconut Creek, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Coconut Creek, 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 Coconut Creek, 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.
Coconut Creek, FL Mortgage Calculator
Find a Top Rated Coconut Creek, FL Mortgage Broker Now
Refinance in Coconut Creek with Cash Out today
(888)429-6601
Coconut Creek is a city in Broward County, Florida, United States. It had a population of 55,001 in 2012.[7] It is part of the Miami-Fort Lauderdale-Pompano Beach, FL Metropolitan Statistical Area. The city seceded from Pompano Beach in the 1960s. It is nicknamed Butterfly Capital of the World, because it is home to the world’s largest butterfly aviary, Butterfly World, with over 80 species and 5,000 individual butterflies.[8]
Coconut Creek has an area of 12 square miles (31 km2), with approximately 50,000 residents and 1,400 businesses. Housing is primarily single-family homes, condominiums, and townhouses within professionally landscaped communities.