Cash Out Refinance for Emergency Funds
Cash Out Refinance
Set aside emergency funds by cash out refinancing.
If you have equity in your home and would like to take cash out in order to have funds at your disposal in the event of an emergency, we provide low interest rate, low fee options to help you quickly access this money.
Cash Out Refinance or a HELOC for Emergency Funds?
A home equity line of credit may (HELOC) be your best solution in some cases since you only pay interest when you pull out funds. There are some downsides to a HELOC though such as a limited draw period. You may want to compare cash out refinancing to home equity lines of credit in order to determine what is the best option for you. A cash out refinance may be the perfect solution for you since you could have the money on hand for any purpose at anytime. There are no draw periods and you can leave the money wherever you want, including a bank account.
Please note that we do not offer HELOC’s, but only offer cash out refinances. We will inform you if a HELOC would be a better option for you in which case you would need to find a different lender. If you decide on a cash out refinance, we will offer you competitive rates and terms in order to earn your business.
Reasons to consider refinancing to have emergency funds:
Some may consider a cash out refinance for emergency funds as a security measure to have cash on hand that is immediately accessible in the event of losing their job or a medical emergency. This could be a smart move for someone who is at risk of losing their job since in the event of being laid off they may not qualify to refinance and access their equity. This could place them in jeopardy of losing their home altogether including all of the equity that they have built up.