Decide How You Want to Use Your Cash
- Choose your goals. You can use your cash to consolidate debts, pay for education, make home upgrades, pay for major expenses, or spend however you wish.
- Make a budget. Figure out how much cash you might need for your goals.
Estimate How Much Cash You Might Get
- Estimate your current home value. Knowing the current market value of your home is important in estimating how much equity you have in your home.
- Use our calculator. Our cash out refinance calculator can help you estimate the amount of cash you might get. Keep in mind that you can’t typically borrow the full value of your home’s equity.
Talk to a Loan Advisor
- Understand your cash options. When you are a current Freedom Mortgage customer, our Loan Advisors can run an analysis of your mortgage and credit, and estimate how much cash you may qualify to get. They can answer your questions too!
Complete an Application and Get Approved
- Fill out an application. You’ll need to complete a new mortgage application to get a cash out refinance.
- Provide current documents. We’ll ask for current documents that show your income, assets, debts, and credit. Our loan team will make sure you understand the documents we need.
- Review your Loan Estimate and provide Intent to Proceed. We need you to review your Loan Estimate and provide your intent to proceed before we can begin reviewing your application. The Loan Estimate discloses estimates of your closing costs as well as your new interest rate, new mortgage amount, new monthly payment, and the amount of cash you’ll receive at closing.
- Work with our home appraiser. We typically request a new home appraisal to estimate the current fair market value of your home.
- Get approved. We’ll let you know if you qualify for a cash out refinance after reviewing your application, documents, and home appraisal.
Close Your Loan and Get Your Cash
- Sign your Closing Disclosures. You need to sign your Closing Disclosures and other documents to close your cash out refinance. These disclosures confirm the interest rate, mortgage amount, monthly payment, amount of cash you’ll receive, and other details of your cash out refinance.
- Pay closing costs. You typically must pay closing costs when you get a cash out refinance. Your Closing Disclosures will detail these costs.
- Get your cash. We can deposit your cash in a bank account you specify. We can also send you a check. You typically receive your cash three business days after your new loan closes.