WELCOME TO 1st florida mortgage - FLORIDA Cash-Out REFINANCE
Cash-Out Refinance: FHA, VA & Jumbo Cash-Out – Low Rates. Low Fees. Fast Closings.
Florida Cash-Out Refinance
A cash-out refinance replaces your existing home mortgage with a new, larger mortgage. The difference between your new loan amount and your old loan amount is returned to you as cash-back at closing.
1st Florida Mortgage is a local lender right here in Florida and we specialize in mortgage refinance and Florida Cash Out Refinancing. As a direct lender we offer in-house underwriting and processing to enable us to close loans fast – typically in 28 days or less. Cash out refinancing in Florida is a great way to consolidate debt from high interest credit cards or free up money for starting a business or remodeling your home. It’s entirely up to you on how spend the money, but it’s best to use your funds on long-term needs instead of short-term expenses. Some of the most common reasons for Cash-Our Refinancing:
- Consolidate credit card debt or personal loans
- Home improvements and renovations
- Make a down payment on an investment property
- Purchase a 2nd home
It’s entirely up to you on you spend the money, but it’s recommended to use your funds on long-term needs instead of short-term expenses. You have to realize that tapping into your home’s equity mean that you will pay back this money with interest over the life of your new loan.
A few important details about Cash Out Refinancing:
- Cash-out refi rates are slightly higher than standard mortgage refinance rates
- Your rate depends on your credit score and how much cash you are taking out
- You can generally take out up to 80% of your home equity
- Your new home loan will be larger than your old loan
- Since mortgage rates tend to be lower than a personal loan or credit card rates, cash-out refinancing can be a better way to consolidate debt or finance larger expenses
1st Florida Mortgage is a local lender right here in Florida and we specialize in cash out refinancing and can help convert your home’s equity into a lump sum of cash. We offer in-house underwriting and processing which means we can close your loan fast.