White Springs, Florida Cash Out Refinance
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Cash Out Refinancing in White Springs, Florida
Cash out refinancing A cash-out refinance in White Springs, 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 White Springs, FL home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a White Springs, 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 White Springs, 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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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White Springs is a town in Hamilton County, Florida, United States, on the Suwannee River. The population was 777 at the 2010 census,[5] down from 819 at the 2000 census. Home of the annual Florida Folk Festival, it is a tourist destination noted for historic charm, antique shops and river recreation.
The Suwannee River was once the boundary between the Timucuan tribe to the east and the Apalachee tribe to the west. When Spanish explorers visited the area in the 1530s, it was inhabited by the former, who believed its springs possessed healing powers.[6] The Indians considered the springs as a sacred healing ground. Any tribe member could bathe and drink the mineral waters without fear of being attacked.[7] The spring water flows through rocks embedded with sulfur crystals and acquires a “rotten egg” smell.