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Rate Simple, Inc. | NMLS ID# 2232647 | NMLS Consumer Access Link

8383 Wilshire Boulevard, Suite 540/B, Beverly Hills CA 90211

If you have any questions, comments, or concerns, please email us at management@ratesimple.com By submitting this form, I agree that Rate Simple may contact me at the phone number provided.via automated technology, including autodialing, prerecorded message, artificial voice, and/or text message. I understand that I do not have to consent to receive such calls or text messages to purchase goods or services from Rate Simple

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  1. A Rate Simple HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
  2. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
  3. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing.
  4. The Rate Simple Home Equity Line of Credit is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Learning Center|Cash Out Refinance

Cash Out Refinance

Unlocking Home Equity Through Cash-Out Refinance

Cash-out refinancing offers an appealing opportunity for homeowners seeking access to their home equity to address diverse financial needs, such as debt consolidation, home improvements, or investments.

A cash-out refinance involves replacing your existing mortgage with a new one with a higher principal balance. For instance, if you have a mortgage balance of $200,000 and your home holds a value of $300,000, you may explore refinancing for $250,000 and receiving $50,000 in cash. The amount you can access depends on your home's equity and the lender's criteria.

Benefits of Cash-Out Refinance

Potentially Lower Interest Rate

One advantage is that the interest rate on the new mortgage may be lower than that of your current mortgage, potentially leading to reduced monthly payments and long-term savings. However, it's essential to factor in the associated closing costs, which can be substantial and may impact the savings achieved through a lower interest rate.

Versatile Use of Funds

Cash from a cash-out refinance can be employed for various purposes, including paying off high-interest debt, funding home renovations, covering educational expenses, or investing in other ventures.

Important Considerations

It's crucial to be aware that a cash-out refinance could increase your total mortgage debt and extend the time required to repay your mortgage. This stems from the fact that you are securing a new mortgage with a higher principal balance, potentially leading to a longer loan term than your existing mortgage. Consequently, you may encounter higher monthly payments and additional interest charges over the life of the loan.

In summary, cash-out refinance is valuable for homeowners looking to tap into their home equity for diverse financial objectives. Nonetheless, it's imperative to carefully evaluate the associated costs and potential risks linked to this refinancing option.

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