PennyMac Cash Out Refinance Loan Options
If you have equity in your home, a cash-out refinance loan from PennyMac could help you make home improvements, pay off debt or cover unexpected expenses. You also may even be able to lower your monthly interest rate. PennyMac offers a wide variety of cash-out refinance options to suit any number of needs, including adjustable and fixed-rate loans in a range of term lengths.
What is a Cash-Out Refinance?
A cash-out refinance involves paying off your existing mortgage and then taking out some of your home equity in a lump sum at closing on a new mortgage. You will then have a new loan with a new interest rate and begin a new term length, which could be shorter or longer. It’s important to note that you will then have a new amortization schedule, showing you the payments that will be required in order to pay off the principal and interest by the end of the loan term.
Here are a few of the ways PennyMac may be able to help you with a cash-out refinance:
- Getting cash to fix up your home, or pay off high interest credit card debt.
- Refinancing your conventional, FHA or VA home loan.
- Eliminating out-of-pocket costs*.
Learn more about PennyMac’s cash-out refinance loan products by calling us at (866) 549-3583 today for a no-obligation consultation.
* No out-of-pocket cost refinance options are available to qualifying borrowers. Does not apply to taxes, insurance or pre-paid interest.
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