Dania Beach, Florida Cash Out Refinance
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Cash Out Refinancing in Dania Beach, Florida
Cash out refinancing A cash-out refinance in Dania Beach, 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 Dania Beach, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Dania Beach, 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 Dania Beach, 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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Dania Beach is a city in Broward County, Florida, United States. As of the 2010 census, the city’s population was 29,639.[7] It is part of the South Florida metropolitan area, which was home to 5,564,635 people at the 2010 census. Dania Beach is the location of one of the largest jai alai frontons in the United States, The Casino at Dania Beach.[8] It was formerly the location for two amusement centers; one named Boomers! (formerly Grand Prix Race-O-Rama), which housed the Dania Beach Hurricane roller coaster, and the other being Pirates World amusement park, which was featured in Barry Mahon’s Thumbelina. It is also former home to the IGFA Fishing Hall of Fame & Museum.
The area was started as a neighborhood called Modello in the late 19th century.[9]