refi.com

Tim Lucas, Refi.com Mortgage Education Team Tim Lucas is part of the mortgage education team at Refi.com. Tim started in the mortgage industry at Washington Mutual in 2001, reviewing wholesale loan files from mortgage brokers.

Most homeowners I speak with about refinancing are aware that they’ll need to verify their income, just as they did when they originally purchased their home. However, they don’t always remember the exact income requirements, or they may think they’re different since they now have some equity in their property.

Student debt is currently at an all-time high, with 42.7 million individuals owing a cumulative $1.7 trillion in federal student loans, according to Education Data Initiative. With the average borrower on the hook for nearly $38,400, many property owners are turning to their built-up equity to alleviate their student debt burden.

Homeowners typically come to me assuming that a cash-out refinance will increase their mortgage payments. Most of the time, they’ll be right. Adding extra debt to your home loan will increase monthly payments for the majority of borrowers. However, that isn’t always the case. I’ll review the factors that’ll impact your new payment following a cash-out refinance and explain how spending more on your mortgage doesn’t necessarily have to be a bad thing.

Tim Lucas, Refi.com Mortgage Education Team Tim Lucas is part of the mortgage education team at Refi.com. Tim started in the mortgage industry at Washington Mutual in 2001, reviewing wholesale loan files from mortgage brokers.

You’ve earned your equity. We’ll help you put it to good use. See what you qualify for Turn home equity into cash without the hoops. Getting started Tell us what you're looking for. It only takes a few minutes to apply. Move at your own pace Explore your options with a home equity pro or breeze through our online process. Unlock your home value Access the funds you need with the right loan to fit your goals. Start your refi How much could you get?

Cut your monthly payment costs or set a better loan term with a mortgage refinance. See what you qualify for Save more. Stress less. Getting started Tell us what you’re looking for. It only takes a few minutes to apply. Move at your own pace Explore your options with an experienced refi pro or breeze through our online process. Lock in your low rate We'll verify you're getting the best rate, because every point matters to your bottom line.

Read Time: 11 minutes Owning a multifamily property comes with plenty of responsibilities. You need to find and keep quality tenants, stay on top of maintenance needs, and ensure the overall financial health of your investment. Refinancing your mortgage to improve cash flow, reduce interest costs, or unlock built-up equity in your duplex, triplex, or quadplex doesn’t have to turn into an added burden.

Read Time: 13 minutes This article is for informational purposes only and should not be considered legal or tax advice. Always consult an attorney or tax professional for guidance specific to your situation. Inheriting a house with siblings or other relatives can be both a financial opportunity and an emotional challenge. One heir may wish to keep the family home for sentimental or practical reasons, while the others prefer a fair share of its value in cash.

Read Time: 5 minutes A limited cash-out refinance is one where cash isn’t the intention, only an incidental byproduct of paying off one loan with another. It’s nearly impossible to “guess” the exact loan you’ll need to cover the balance of your existing loan at the time of closing on a refinance, plus things like closing costs.