What is Cash Out Refinancing?
If you aren’t familiar with cash out refinancing, a cash out refinance is where you take equity out of your home in the form of cash. In other words, you refinance and get cash back, reducing the amount of equity you have in your home. You can use the cash you get back for any purpose, such as debt consolidation, home improvements and repairs, or investments. While it does add to the amount you owe on your mortgage, refinancing is a good way to get long term financing at a very low interest rate
Securing a cash out loan in Oregon
One of the most frequent questions we get from our customers, is “Can I get a cash-out loan in Oregon?”
Oregon Cash Out from Hurst Lending & Insurance offers a number of cash-out loan options for customers in Oregon who are interested in refinancing and taking cash out of their homes.
Get a Oregon Cash Out loan to:
- Consolidate debt
- Purchase a new car
- Buy a second home or investment property
- Start a new business
- Fund other dreams
Hurst Lending & Insurance created the Oregon Cash Out division to offer both conventional and jumbo cash out mortgages. We offer fixed and adjustable rate cash out mortgages. We have cash-out refinance programs for conventional loans (anything under $484,350 in Oregon), jumbo loans ($484,350 and above in Oregon), investment property loans, and multi-family loans
When is the ‘right time’ to refinance?
In our post 4 Ways to Make Refinancing Work for YOU!, we explain how you as a homeowner can take advantage of refinancing opportunities. From lowering your monthly payments to paying less interest, there are a number of reasons why it’s smart to refinance. However, that still leaves the question of when to refinance. In this post, we’ll go over how to know the right time to start on refinancing your mortgage!
The best way to determine whether or not it’s time to refinance is to do some quick math. While refinancing at a lower rate can certainly save money over time, there are still fees associated with completing the process. So, we can illustrate the payback period with a quick equation like this:
(Fees associated with refinancing)/(Expected monthly savings) = Number of months to payback
In the equation above there are three components:
- Fees associated with refinancing: When refinancing, there are a number of costs that need to be covered ranging from inspection and appraisal to application and closing fees.
- Expected monthly savings: This one is more or less self-explanatory. This is the difference between your current monthly payment and your monthly payment at the new, lower interest rate.
- The number of months to payback: This is the number of months you’ll need to keep the home to break even on the refi. If you don’t expect to be there longer than it takes to offset the cost of the refi, you’ll be wasting time and money, even at a lower interest rate!
To estimate your potential savings, click here to use a free refinancing calculator.
Our interest rates on conventional and jumbo Oregon cash-out refinance loans are very competitive. To get a quote for a cash-out jumbo loan or cash-out conventional loan, please click the button below or call us toll-free at 877-692-0563. We would love a chance to earn your business and help you save money on your loan.