Refinance & Cash-Out
Refinance and cash-out loans
Lower the payment, pay the house off sooner, or pull equity out for a renovation or another property. We run the numbers on each option so you can see the break-even before you commit.
Key facts
- Available in
- New York, New Jersey, Florida, Pennsylvania
- Rate and term
- Change rate, term or both
- Cash-out
- Up to 80% of value on many primary-residence programs
- New York tax savings
- Refinance CEMA: pay recording tax only on new money
- Property types
- 1-4 family, condos, co-ops, investment
Who it's for
- Homeowners whose rate is well above today's market
- Owners who want to consolidate higher-rate debt
- Investors pulling equity to buy the next property
- Families renovating instead of moving
In New York a refinance usually triggers mortgage recording tax on the full new loan. A refinance CEMA lets your existing mortgage be assigned to the new lender, so tax applies only to any additional amount you borrow. On a large balance that can mean thousands of dollars saved.
Co-op share loans are not subject to mortgage recording tax, so the CEMA question does not apply there, but board rules on maximum financing still do. We check both before quoting.
Popular in Brooklyn
Questions
When does refinancing make sense?
Compare the monthly savings with the total closing costs. If you will keep the loan past the break-even point, it usually makes sense. We show you that math before you apply.
Can I do a CEMA on a refinance?
Yes, on houses and condos in New York. Your current lender must cooperate by assigning the note, which adds some time and legal fees, and we coordinate it.
How much cash can I take out?
It depends on the program and property. Many primary-residence cash-out loans go up to 80% of appraised value; investment properties are usually lower.
Questions about Refinance & Cash-Out?
A licensed loan officer will walk you through the numbers, usually the same day.