Learn How to Get Cash From Your Home

A Cash-Out Refinance Can Help With Your Financial Needs!

Use your home equity to your advantage! Get money out of your home and use it for anything you want. Find out if it makes sense to refinance with our Refinance Calculator.

Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.

We’ve helped hundreds of Americans, just like you, lower their monthly payment by refinancing. Contact us today to see how we can help you!

Refinancing Programs that can Reduce Your Monthly Mortgage Payment:

FHA Loan

Consolidate your debts into one loan and get a cash-out refinance of up to 85%

30-Year Loan

For those looking for the stability of a traditional loan. Lock in a low rate today!

Adjustable Rate Mortgage

Lock in an ARM and save money on those high interest rates for the fixed rate period of your loan

VA Loan

Get cash out up to 90% of the value of your home if you are a military member, veteran or spouse.

Leveraging the equity in your home

Your home may be one of the most stable assets you have. Unlike a car, it’s less likely to suffer catastrophic failure; unlike a savings account, it’s less likely to be wiped out by a short period of illness or unemployment. It can act as a security blanket, slowly gaining equity over the years, available to you quickly through a cash out refinance when you need it.

How a cash out refinance works

When you choose a cash out refinance, you take the equity in your home and liquidate it, turning it into cash you can use for anything you want or need. Your lender will basically be resetting your loan, letting you borrow more than you currently owe, and giving you the difference back in cash minus fees.

For example, if you have $100,000 and 15 years left on your home mortgage, but have $100,000 in home equity built up, you can apply for a cash out refinance. Your lender might approve you for $80,000 to cash out, resetting your loan at 80% of your home value, with 30 years to pay off $180,000.

Ways to use cash out refinancing to improve your life

The beauty of a cash-out refinance is you can use the money for anything, including:

  • Much needed home repairs like replacing the HVAC system
  • Paying for a child to go to college or graduate school
  • Paying for a wedding, honeymoon, or vacation
  • Funding a big purchase, like a car or a boat
  • Paying off credit card or medical debt
  • Starting a business or buying into a franchise

The equity in your home belongs to you, so you can use it however you want to. Cash out refinancing gives you access to funds that are yours by right.

Refinance vs. home equity loan vs. home equity line of credit (HELOC)

A cash out refinance can mean a little more paperwork than applying for a home equity loan or a home equity line of credit (HELOC), but it can be a lot easier on your monthly finances. Instead of adding another monthly payment to your bills due stack, you just change the terms of your original mortgage.

In many cases, the interest rate you’ll end up paying won’t be that much higher, and you can tweak the loan term to get a monthly payment that works best for your budget. Cash out refinancing is a great way to get a fast influx of liquidity when you need it, and reframe your existing mortgage payment so they make sense for your current financial situation.

Working with Sammamish Mortgage

  • We put YOU first. We are committed to getting every client the very best possible deal every single time.
  • Sammamish Mortgage offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less.
  • We offer a variety of loans. Sammamish Mortgage will find you the loan that is right for you!!!

Not sure how to get cash out of your home? Contact one of our specialists today! Sammamish Mortgage can advise you on which mortgage refinancing program best meets your needs, and help you refinance quickly and without hassle. We’re a local, family-owned mortgage company based in the Washington area and serve the entire state, in addition to the broader Pacific Northwest region including Oregon, Colorado, California and Idaho. Get a quote today.

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Whether you’re buying a home or ready to refinance, our professionals can help.

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