Debt Consolidation Refinance

Debt Consolidation Refinance

Debt Consolidation Refinance

What Is a Cash-Out Refinance?

A mortgage refinance loan allows you to replace your current mortgage loan with a new one. Many people refinance their mortgage loan to get a lower interest rate and monthly payment. But as the principal amount of your loan goes down and the value of your home appreciates, a cash-out refinance also allows you to tap some of the equity you’ve built.

For example, let’s say you currently have a $250,000 mortgage balance on a home worth $400,000. Many lenders will let you borrow up to 80% of the home’s value, so you could potentially refinance your loan for up to $320,000.

The difference between the new loan amount and the original loan balance is what you’d receive in cash. You can use that money for just about anything you want, including:

  • Debt consolidation
  • Home improvements
  • Emergency expenses
  • Retirement savings
  • Education savings
  • Other major expenses

Just because you own a home, though, it doesn’t mean you’re eligible for a cash-out refinance. For starters, you’ll need to have enough equity in your home to meet lender requirements—such as the 80% loan-to-value ratio.

Lenders will also consider several other factors, including your credit score, credit report items, debt-to-income ratio, income, job security and more.

For more information call Abdi Mohammadian at 925-785-7851.

Abdi Mohammadian NMLS# 356391

Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. NMLS# 1141
MasonMac Corporate

Mason-McDuffie Mortgage Corporation

Office: (925) 785-7851

12647 Alcosta Blvd
Suite 300
San Ramon, CA 94583


Not a commitment to lend. Rates and terms subject to change without notice. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Act No. 4130968; AL #22653; AR #32700; AZ #1015403; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance;Licensed by the Minnesota DOC #MN-MO-1141; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759. NMLS #1141.