Could your home use a major update? Maybe you’re looking to consolidate high-interest debt or there’s an investment opportunity you’re looking to free up some funds for?
It can be tough to build up the necessary savings to accomplish your goals, especially in today’s economy.
But… a cash-out refinance Tennessee may be your answer.
WHAT IS A CASH OUT REFINANCE TENNESSEE?
A cash-out refinance Tennessee is a mortgage for your Tennessee home for an amount that's more than your current mortgage balance.
It’s a way to tap into your home’s equity – the money you’ve built up by paying your mortgage balance down along with an increase in your home’s value over the years.
Normally, you’d only see the profits when you sell your home.
But a cashout refinance lets you have your cake and eat it, too. You keep your home and get access to the equity you built up.
The two programs we see most often are:
- FHA cash out refinance
- VA cash out refinance
Both have simple guidelines, making it easy to tap into your home’s equity even with less than perfect credit.
You could even lower your VA interest rate!
Just like their home loan options, you can cash out your home’s equity with flexible guidelines.
We have access to many conventional loan cash out refinance loans, too. Exploring all your options helps you get the best cash out refinance Tennessee to suit your needs.
WHEN DOES A CASH OUT REFINANCE MAKE SENSE?
It might seem scary to tap into your home’s equity. But sometimes, it just makes sense. It can be the most beneficial way to get the money you need.
Here are the top reasons we see borrowers using a cash out refinance:
- Reinvest in your home by making repairs or upgrades
- Consolidate high-interest consumer debt to save money
- Invest in other real estate opportunities
- Buy a second home or vacation home
- Cover medical debt or another large expense
Think it can help you? Take our quick quiz to find the best refi loan for you.
Ready to get started?
Begin your application today!
AM I ELIGIBLE FOR A CASH OUT REFINANCE TENNESSEE?
The cash out refinance requirements are similar to the purchase requirements when you first bought your home.
But there’s a twist.
As always, you need decent credit, stable income and employment, and proof you can afford the loan.
Because the basis of a cash out refinance is to tap into equity, you must also have equity in your home.
Lenders can request a new appraisal to see just how much equity you have.
A timely mortgage payment history is also a must-have. Lenders want to see you can afford your current mortgage and that the refinanced amount won’t hurt you financially.
Each refinance loan program has its own requirements. It can vary by lender, so check with us to see if an FHA cash out refinance or VA cash out refinance is right for you.
Fortunately, VA and FHA loan requirements are flexible when it comes to credit scores and debt-to-income (DTI) ratios.
For a conventional cash out refinance, you’ll run into a higher credit score requirement, but it can be a good choice for borrowers who meet that criteria.
ARE THERE CLOSING COSTS WITH A CASHOUT REFINANCE?
Most mortgage loans have closing costs. The Wendy Thompson Lending Team can help make your fees affordable.
Here’s what I mean:
We’ll help to pair you with a loan with the lowest closing costs. We can also show you how to roll the costs into your loan so there’s less money coming out of your pocket.
WHICH IS BETTER: CASH OUT REFINANCE OR HOME EQUITY LOAN?
One question we hear quite often is:
Which is better, a cash out refinance Tennessee or a home equity loan?
While they have the same result – you take cashout of your home – they work differently:
- A cash out refinance is a replaces your first mortgage with a new one.
- A home equity loan is a second mortgage or lien on your home, often resulting in two monthly payments.
At the Wendy Thompson Team, we’ll help you figure out which is the better option for you.
If we can get you an interest rate lower than you’re paying on your first mortgage, you may want the cashout refinance Tennessee.
On the other hand, if you have a great first mortgage interest rate, we can help you get a home equity loan with an attractive rate.
Simple and Easy.
Start your new home journey today
Start your application with our easy-to-complete online form. We will be with you every step of the way.
WHAT ARE THE BEST CASHOUT REFINANCE TENNESSEE RATES?
Interest rates depend on many factors. At the Wendy Thompson Team, we want to secure the best rates based on your qualifications.
To have a better chance at a lower interest rate:
- Maximize your credit score
- Stabilize your employment and income
- Make sure your mortgage payment history is rock solid
- Pay down your consumer debts to keep your DTI low
WHERE TO FIND THE BEST CASH OUT REFINANCE RATES
Are you looking for the best rate?
Fortunately, you don’t have to go far. The Wendy Thompson Team has the best loans available for you.We make it easy to find the loan that’s just right for you. Our licensed experts look at your financial situation and match you with a loan that fits your needs.
ARE YOU READY FOR A CASH OUT REFINANCE TENNESSEE?
If you’re ready to take advantage of the equity you’ve built up in your home, we’ve got you covered.
Apply for a cash out refi today. We’ll help you determine how much money you can get so you can achieve your financial goals.
Whether you need your home’s equity for emergency expenses, debt consolidation, investment opportunities or reinvesting in your home, we’ve got your back.
Contact us today!