Cash Out Refinance Utah

Cash Out Refinance Loan in Davis County

Are your monthly debt payments exceeding your monthly income? A cash out refinance can give you some much needed monthly payment relief. Home Equity is at an all time high. Now is a great time to use your equity to payoff other high interest debt and combine your debts into one lower monthly payment. Consider the example below:

An average sized home in Utah was worth about $500,000 in 2018 is now worth around $700,000 in 2022. Using a value of $700,000, let's look at an example cash out refinance:

Existing Loan Example

  • Home Value - $700,000
  • Loan Balance - $365,000
  • Total Monthly House Payment - $2,029 per month
  • Current Auto Loans - $578 per month
  • Current revolving Loans / Credit Cards / 2nd Mortgages - $1,255 per month
  • Total Outstanding balance of Non-Mortgage Debts - $58,000
  • Total Monthly Payments - $3,862 per month

Cash Out Loan Example

  • New Loan Balance - $423,000
  • Other Non-Mortgage Monthly Debt Payments - $0
  • Total Monthly House Payment - $2,593.17
  • Total Monthly Payments - $2,593.17

In this example, you would be freeing up $1,268.83 in monthly cash flow by utilizing just a portion of your home's equity. You could also continue to make a house payment of $3,862 per month and payoff your mortgage faster!

Contact us today to receive your own free analysis to see if a cash out refinance loan would be right for you. We look forward to talking with you.

Talk Today - 801-820-7620