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.*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
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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