Consolidate Debt Quickly and Easily with a Cash-Out Refinance

If you have high credit card balances, student and other personal debt, it can be difficult to know where to start when it comes to paying them down. With a cash-out refinance of your existing mortgage, you can take advantage of lower current interest rates, consolidate multiple debts into one loan and utilize your home's equity to pay off the debts. RP Funding has paid over $80 million in Closing Costs for consumers just like you. Apply today to find out if you qualify for one of our Closing Cost programs.

Consolidate Your Debt with RP Funding Today

Reasons for Debt Consolidation

If you're holding credit card debts, student loans, and personal loans and are looking for ways to pay them down more quickly and save on interest, a cash-out refinance could be the right decision. Taking out a cash-out refinance enables you to use a portion of your hard-earned equity to take out the cash you need to pay down those debts. You can consolidate all debts under your home loan at today's low mortgage interest rates.

Credit Card Debt

Student Loans

Medical Debt

Ultimately, everyone's financial situation is unique. At RP Funding, we have licensed professionals who can assist you in determining if a cash-out refinance is a good option for you to consolidate your debt and potentially help you save thousands in Closing Costs.

What is a Cash-Out Refinance?

A cash-out refinance lets you refinance your current mortgage, borrow more than you currently owe and keep the difference (home equity) as cash. You could use your hard-earned equity pay off your combined debt sooner with a lower predictable rate.

A cash-out refinance is one way to unlock the equity you’ve built in your house. Consider this example:

Your home is worth:

$350,000

-

Your current mortgage is:

$200,000

= Your Equity: $150,000

With a refinance, you could cash-out a portion of this equity. If you wanted to take out $60,000 in cash, your new mortgage principal amount would be the current balance of $200,000 plus $60,000 totaling $260,000.

*Illustration does not reflect actual cash values and does not include closing costs, escrows, prepaids, or elected expenses.

How Does a Cash-Out Refinance Work?

If you owe less than your home is worth, you have equity and you may be eligible for a cash-out refinance. Since you already own the home, refinancing will be a smooth and painless process.

The process for a cash-out refinance is simple. Complete a basic loan application, get an appraisal to determine your home value (and equity), sign the paperwork to make your new home loan official, and four business days later you will receive a check for funds requested. Our team of dedicated mortgage experts are here to help you get the cash you need quickly and painlessly.