Cash-Out Refinance in Florida

How a cash-out refinance works

You replace your current mortgage with a new, larger loan. The difference between the old loan balance and the new loan amount comes to you as cash at closing. You can borrow up to 80% of your home's appraised value on a conventional loan, or 85% on FHA.

Common uses for cash-out

• Home improvements — kitchen, bath, pool, roof, addition
• Debt consolidation — pay off credit cards at 20%+ interest with a mortgage at 6%
• College tuition — cheaper than student loans
• Investment property down payment — buy a rental with your equity
• Business capital — fund a startup or expansion
• Medical expenses — cover major procedures not covered by insurance

Cash-out vs HELOC — which is better?

A cash-out refinance gives you a lump sum at a fixed rate — best when you need all the money at once (debt consolidation, big renovation). A HELOC is a revolving line of credit at a variable rate — best when you need money over time (ongoing projects, emergency fund). We'll compare both for your situation.