Remortgage :: Equity Release    

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Equity Release :: Cash Out Refinance - Florida Property

Equity Release is a means of using the value of your home to receive a lump sum of cash for your home in Florida. Put simply, equity release is a way of releasing some cash from your Florida  home without having to move. In Florida it is also known as a cash out refinance.

Once you have purchased a home and are making monthly payments, you are in the process of building equity. The opportunity to use the equity you have built up in your home is one of the benefits of homeownership. A "cash-out refinancing" can be a good idea for homeowners who want to draw on the equity built up in their house to get cash.

Equity release is a way of gaining access to the money which is locked up in the value of your home, without having to sell your property. With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference. a cash-out refinance is a replacement of your first mortgage.

Your Florida home will be appraised to determine the fair market value. Florida Mortgage Corporation offers a number of "equity release" or cash out refinance mortgage programs. Most of the mortgage programs offer 65-70% LTV. In other words, up to a maximum of the appraised value.

Plus, all related closing costs, financing costs and prepaid items can be rolled into the new loan amount, further maximizing your borrower's cash flow potential.

Borrowers receive cash out from the increased value of their home to use for debt consolidation or any other purpose. Our Cash-out Refinance mortgages offer flexibility and variety so you can meet a diverse range of borrower needs; reducing a rate and monthly payment or paying off a second mortgage, paying for home improvements, taking a holiday or for whatever reason.

When first mortgage rates are lower than equity loan rates, it usually makes sense for a borrower to tap equity by going through a cash-out refinance. In that process, the customer refinances the first mortgage, increases the balance and receives the difference between the old and new balances in cash at closing.



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