Can I take money out of my home?
Yes. The money you put into your home with your original down payment and monthly principal payments is still yours, and under certain circumstances, you can access it.
While drawing money from your home equity can give you an influx of cash in the short term bear in mind that you’re going to have to pay it all back—plus interest.
How do I do it?
Your options vary depending on your situation, but here's a quick run-down:
Cash-out refinances are almost exactly what they sound like. Basically, you use refinancing as an opportunity to trade the equity you’ve already built for ready cash.
Home equity lines of credit are revolving lines of credit that use your equity as collateral. Like with a credit card, you can borrow as much as you need so long as it’s within your limit, and you make payments on what you borrow, with interest added.
Home equity loans are similar to lines of credit in that they let you access a certain amount of your equity without refinancing. The main difference is that home equity loans are a one-time, lump-sum arrangement. You get the money, and then you pay it off over a fixed term, like with a mortgage.
Why choose Total Mortgage?
After 17 years of success, it’s safe to say that we know what we’re doing. Plus:
- We have some of the lowest interest rates in the country, and we might be able to cut your mortgage payments considerably.
- No pre-payment penalties, ever. Go on, pay off all your debt as fast as you can. We promise not to get grumpy about it.
- No pushy loan officers, just experienced professionals who will educate you as they help you get the financing that makes sense for you.
- We aim to close most of our refinances in thirty days or less—and you’d be surprised how often we succeed.