CASH-OUT
Refinance

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Cash-Out Refinance: FHA, VA & Jumbo Cash-Out

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 and we specialize in Florida mortgage refinance and 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.