Pompano Beach, Florida Cash Out Refinance
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Cash Out Refinancing in Pompano Beach, Florida
Cash out refinancing A cash-out refinance in Pompano 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 Pompano Beach, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a Pompano 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 Pompano 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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Pompano Beach /ˌpɒmpənoʊ ˈbiːtʃ/ is a city in Broward County, Florida, United States, along the coast of the Atlantic Ocean just to the north of Fort Lauderdale. The nearby Hillsboro Inlet forms part of the Atlantic Intracoastal Waterway. As of the 2010 census the city’s population was 99,845,[10] with an estimated population of 102,984 as of 2012.[11] It is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people at the 2015 census.
Pompano Beach is currently in the middle of a redevelopment process to revitalize its beachfront and historic downtown.[12] The city has also been listed as one of the top real estate markets, being featured in CNN, Money and the Wall Street Journal as one of the country’s top vacation home markets. Pompano Beach Airpark, located within the city, is the home of the Goodyear Blimp Spirit of Innovation.[2][13]