You would now owe S$800,000 on your mortgage where you cash out S$500,000 in cash, and the balance S$300,000 is used to repay your old loan. However, the refinancing process would be the same as applying for a home loan where you need to prove your ability to service the loan by providing the usual documentation of income, assets and debts.
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What if you want to cash out? Perhaps you decide to refinance because you want a lower interest rate and payment, plus you hope to get an extra $15,000 in cash. Your home has increased in value since you bought it, so there’s room for you to cash out and still meet the 80 percent LTV requirement.
Cash-out refinancing where you obtain a new mortgage for more than what you owe. The difference is often used to pay for renovations or to retire credit card debt.
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However, you need to evaluate the total cost over the lifetime of your new mortgage loan. Using cash-out refinancing to pay down consumer debt can be risky. Unlike credit card debt, cash-out refinancing turns your home into collateral.
Cash-Out Refinancing: Cash-out is when you take out a loan for more than the current balance on the mortgage. This allows you to get the existing amount out as a cash payment. You can do this to get value out of home equity in cash. This cash infusion can then be used for whatever you need.
Refinancing a mortgage means you get a new loan to replace the old home loan. There are numerous reasons to refinance a mortgage: Rate-and-term refinancing pays off one loan with the proceeds from.
The cons. If you’re doing a cash-out refinance to pay off credit card debt, avoid running up your cards again. Closing costs: You’ll pay closing costs for a cash-out refinance, as you would with any refinance. Closing costs are typically 3% to 6% of the mortgage – that’s $6,000 to $10,000 for a $200,000 loan.