Palm Coast, Florida Cash Out Refinance
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Cash Out Refinancing in Palm Coast, Florida
Cash out refinancing A cash-out refinance in Palm Coast, 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 Palm Coast, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Palm Coast, 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 Palm Coast, 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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Palm Coast is a city in Flagler County, Florida. As of the 2010 United States Census, the population was 75,180,[7] more than twice the 32,832 counted in 2000. The population was estimated to be 80,600 in 2014.[8] It is the most populous city in Flagler County. Palm Coast is part of the Deltona–Daytona Beach–Ormond Beach, FL metropolitan statistical area.
Developed by ITT Community Development Corporation (Levitt) in 1969, the original development plan encompassed 48,000 home sites on approximately 42,000 acres (17,000 ha) of the 68,000 acres (28,000 ha) owned by ITT. Paved streets and central water and sewer serve all lots developed within the plan. An extensive water management system was designed to replenish the area’s water table, which includes 46 miles (74 km) of freshwater canals and 23 miles (37 km) of saltwater canals.