Get Cash

Getting cash out of your equity is a good way to release money for expenditures such as college education and home improvements. Simply decide how much you want and increase your loan by that amount. The general rule of thumb is you may refinance up to 80% of the value of your home when getting cash out. For example: Suppose you own a house that has an appraised value of $100,000 and your current mortgage(s) is (are) for only $60,000. If you have good credit, you should be able to refinance your mortgage for $80,000 and get cash back of $20,000 to use for whatever you want. If you want to complete this transaction with no money out of pocket, Frontier Mortgage will roll your closing costs into your loan. Obviously, if you choose to do this (as most people do) your cash back to you will be less than $20,000.