Convert equity to cash with Cash-Out refinancing6/7/2019
When you have a mortgage, there is a large amount of your hard-earned money that has amassed in the form of equity in your home. If you need help consolidating debt or financing a home improvement project, then Oklahoma Fidelity Bank’s Cash-Out mortgage refinancing program might be the right option for you.
Oklahoma Fidelity Bank’s Cash-Out refinancing allows you to refinance your mortgage with potentially lower rates, lower payments and a shorter remaining mortgage period. Additionally, you’ll be able to convert your hard-earned equity to cash.
This is achieved by applying for a new mortgage that’s greater in value than what’s currently owed, and you receive the difference in cash. Oklahoma Fidelity Bank’s Cash-Out refinancing can help consolidate debt, or you can use the cash for a large home improvement project or other major purchases.
A similar method of securing the equity in your mortgage is using a home equity line of credit (HELOC) which features adjustable rates. Oklahoma Fidelity Bank’s Cash-Out refinance program can feature fixed rates and is more advantageous for homeowners with larger amounts of equity, allowing you to borrow up to 90% of your home’s value. Cash-Out refinancing allows you to borrow more overall than HELOC.
Cash-Out refinancing is not offered by every lender, but Oklahoma Fidelity Bank offers conventional, USDA, FHA and VA Cash-Out refinances with options for 30, 20, 15 or 10-year loans. The loan requirements are the same as our other traditional mortgage products.
Before applying we recommend that you have an idea of how much equity you have in your home and how much you would like to borrow prior to applying. If you need any assistance identifying these aspects or have any specific questions contact our Mortgage Loan Officers who will help you make the right decision given your situation.
*Offered in cooperation with the Federal Home Loan Bank. Properties must be single-family and owner-occupied. Debt-to-income max is 41%. Loan-to-value maximum is 90%. Borrow must have a minimum FICO score of 660. Subordinate financing is not allowed.