The Cash Out AZ Refi
May 6th, 2010 | by admin |“Cash Out” is one of the options available to those looking to get an az refi. In this type of refinancing, a property is owned but a loan is taken out on it, the amount of which, is more than the cost of the transaction itself. Basically, any refinancing of a debt can be considered a “cash out” when the monies are used for any other reason other than to repay an existing lien. An exampe of a cash out is if you owe $80,000 on a property valued at $200,000 and has $120,000 equity. You can liquidate the equity with a cash out loan as long as the loan is more than $80,000. You then use the loan to pay off the original mortgage and keep the remaining money.