Loxahatchee Groves, Florida Cash Out Refinance
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Cash Out Refinancing in Loxahatchee Groves, Florida
Cash out refinancing A cash-out refinance in Loxahatchee Groves, 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 Loxahatchee Groves, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Loxahatchee Groves, 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 Loxahatchee Groves, 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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Loxahatchee Groves is a town in Palm Beach County, Florida, United States. As of 2017, the town had a population of 3,528 according to an estimate by the United States Census Bureau. Loxahatchee Groves was incorporated November 1, 2006, as the 38th municipality in Palm Beach County. The first election for town council members was held on March 13, 2007. Although Loxahatchee Groves did not become a municipality until 2006, the area had been settled since 1917. Billing itself as “Florida’s Last Frontier”, Loxahatchee Groves was primarily incorporated to better protect the area from encroaching urbanization as nearby cities continued to develop and to preserve the area’s rural character.
The town derives its name from the Loxahatchee River; “Loxahatchee” is from the Seminole words lowchow (turtle) and hatchee (river), thus translating to “river of turtles”.[4] Loxahatchee Groves is bounded on the east by Royal Palm Beach, on the south by Wellington, and on the west and north by The Acreage and Loxahatchee. It has an area of approximately 12.5 square miles (32.4 km2).