Cash-Out Refinance with J.G. Wentworth

As a homeowner, you should be proud of the considerable investments you have made into your property. You have kept up with mortgage payments, heat and electric bills, the costs of upkeep and renovation, and much more. Whether you have owned your home for two years or twenty, you have accomplished something significant.

Now that you have built up some equity in your home, you can leverage that to assist you with your other financial goals. J.G. Wentworth can help you refinance your home and get cash. Our streamlined refinance process makes it easy to apply for cash-out loans that can be used for any number of purposes.

Our home loan specialists will assist you every step of the way. Whatever your goals for cash-out refinance might be, we strive to address every customer’s unique wants and needs. In that vein, we offer a wide array of home loan options with low interest rates and no points. As a direct lender that manually underwrites every home loan application, J.G. Wentworth provides everything you need to succeed.


 

What is Cash-Out Refinancing?

Through the cash-out method of refinancing, numerous homeowners have freed up funds while lowering their interest rates. Essentially, cash-out loans consolidate your current mortgage into a larger loan. As a result, you effectively pay off your first mortgage and replace it with a new one. You then collect the difference between the two in cash.

When you refinance, you can choose the mortgage term and rate that work best for you.

 


 

Benefits of Cash-Out Refinancing

Cash-out loans can help you achieve many different financial goals. Besides the savings you may enjoy by potentially lowering the interest rate of your mortgage, you will also have a large lump sum of cash to use as you wish. Ultimately, you and only you can decide what to do with the cash from your home loan. Here are just a few of the things our customers have paid for with a cash-out refinance:

  • Large Expenses

    Many people use the cash from their home loan to cover a significant life expense. The funds you receive from your cash-out mortgage could help you fund anything from your children’s education to a down payment on another property.
  • Debt Consolidation Loans

    Refinancing can also help you improve your debt profile. With the lump sum you get in the refinancing process, you may be able to pay off high-interest debts and consolidate them into one loan.
  • Home Improvements

    Paying for renovations with the funds received through refinancing can both enhance your quality of life and, in the long run, raise the property value of your home.

General Requirements

As with most types of refinancing, you will need to meet some basic qualifications before moving forward with the process. With these qualifications in mind, one of our J.G. Wentworth home loan specialists will help you determine which loan option is best for you.

 

Loan-to-Value Ratio

To be eligible for a cash-out loan, you need to have equity in your home. This requirement is represented by the loan-to-value (LTV) ratio, defined as the amount of your mortgage that you still owe divided by the appraised value of your home. Contact us to learn more about the recommended LTV ratio. 

 


 

Credit Check

Although your credit plays a role in your home loan application, it is not the sole determinant of your eligibility. Certain loans will have different credit score requirements. Our home loan specialists can help you find an option that works for you.

 


 

Appraisal

As part of the loan application process, an appraiser will assess the value of the home. This evaluation helps to determine the amount of equity you have in your home.

Moving Forward

Interested in learning more about refinancing? We provide helpful resources, like our mortgage FAQs, to help you make an informed decision. Additionally, you can contact J.G. Wentworth’s home loan specialists to ask any questions that you might have about the process.

If you’re ready to refinance your home and get cash, begin by getting a rate quote today.