One type of loan that I have seen a definite uptick in application for over the last few years are cash-out refinances. Put simply this is when you take out a loan for more than what is owed on a home and you get the difference in cash. For instance if you own a $100,000 home and owe $50,000 on it you could take out an $80,000 loan and get a check for $30,000 less the closing costs.
These types of loans are often used for clients who want to consolidate their debt into one low interest payment, use equity in their home to pay for home improvements or even use that money to invest in other real estate. Whatever your reason is for wanting to do a cash-out refinance I’m happy to help answer any questions you may have.
As always, if you have questions about mortgage guidelines, terms or rates please call/text me at 910-250-8888. I proudly serve the Wilmington, Leland, Hampstead, Jacksonville, Southport areas and am licensed in all of North & South Carolina and Virginia!
apply online: www.JoeyMilam.com