Delray Beach, Florida Cash Out Refinance
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Cash Out Refinancing in Delray Beach, Florida
Cash out refinancing A cash-out refinance in Delray 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 Delray Beach, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Delray 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 Delray 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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Delray Beach is a coastal city in Palm Beach County, Florida, United States. The population of Delray Beach was estimated at 67,371 in 2016. That is up from 60,522 according to the 2010 United States Census.[8] Delray Beach is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people in 2015.
The earliest known human inhabitants of what is now Delray Beach were the Jaega people.[11] Tequesta Indians likely passed through or inhabited the area at various times, and an 1841 U.S. military map shows a Seminole camp located in the area now known as Lake Ida. Few other recorded details of these local indigenous settlements have survived.[12][13]