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Equity Take Out

The Basics

An Equity Take-Out Refinance Can Help to Meet Your Financial Goals

  • Use the equity that you have in your home to your advantage! You can get money out of your home and use it for anything that you want. Find out if it makes sense with our Mortgage Calculator

  • You can use equity to make home improvements, pay off high-interest debts, pay for college tuition, or even the down payment on your next property.

Why You Should Choose SunLite Mortgage

  • Our Mortgage Professionals are always available to answer questions and help to understand the important details of the mortgage process.

  • We are committed to ensuring that you are in the best mortgage option for your unique scenario.

  • You can manage the mortgage process online from start to finish which gives you much needed transparency throughout.

Popular Equity Take-Out Refinance Options

  • 30 Year Amortization - This is the best mortgage refinance option for lowering your mortgage payments.. It’s also a great way to create a long-term budget.

  • Variable Rate Mortgage - Secure the lowest rates and payments available and potentially save thousands over a 5 year fixed rate mortgage. Great if you plan are thinking that you may need to refinance in the future as you would only pay a 3 month interest penalty.

Frequently Asked Questions

An equity take-out refinance replaces your current mortgage with a new mortgage and funds paid out to you at closing. A Home Equity Loan stands alone from your current mortgage. Clients choose to take second mortgages when they are already in a strong position with their first mortgage but still have a need to access equity.

Equity is the value of your home, less any mortgages against it. You can typically utilize up to 80% of what your home is worth. If you are currently paying higher interest rate debts, it may be worth it to consider taking some equity out as part of your next mortgage loan refinance to pay these off.

Lenders are limited to loaning 80% of your home’s appraised value. There may be other factors to consider when deciding on how much to borrow, so consult with a Sunlite Mortgage Professional today to make sure you are in the best spot you can be.

With any refinance there are typically some costs accrued in the process of closing your loan, between lender costs and third-party service providers, like appraisers and attorneys. When considering and equity take-out refinance, most clients choose to include any costs with their new mortgage balance, rather than paying for them separately.



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