Loan Options
Cash-Out Refinance
Helping You Meet Your Financial Goals
A cash-out refinance replaces your current home loan with a new mortgage that’s higher than your outstanding loan balance. You withdraw the difference between the two mortgages in cash and put the money toward home remodeling, consolidating high-interest debt or other financial goals.
Say you still owe $100,000 on your home and it’s now worth $300,000. Let’s assume that refinancing your current mortgage means you can get a lower interest rate and you’ll use the cash to renovate your kitchen and bathrooms. We require you to maintain at least 20 percent equity in your home after a cash-out refinance, so you’d be able to withdraw up to $140,000 in cash.
There are many advantages to using a cash-out refinance over other types of loan products if you need a large sum of money.
Contact us if you are interested in exploring your options with a cash-out refinance and we would be happy to review your financial picture to see if it’s right for you.
Common Reasons to Use a Cash-Out Refinance
- Get a lower interest rate on your mortgage
- Make value-added home improvements or repairs to your home
- Consolidate and pay off high-interest debt
- Help pay a child’s college tuition
Get Started on Your Journey Home
Knowledge Base
Mortgage Soft Pull for Stress-Free Home Shopping
Welcome to George Mason Mortgage – Your Key to Stress-Free Home Buying! Are you ready to embark on your home-buying journey? We believe that knowledge ...
Rent prices out of this world?
At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0
Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Unlocking Opportunities with Gifts, Grants, and Affordable Seconds
GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Unlock the Home of Your Dreams
Building your dream home or transforming your current property into the perfect living space requires careful planning and the right financial support. At George Mason ...
Essential Checklist for First-Time Homebuyers
Essential Checklist for First-Time Buyers: Your Path to a Successful Mortgage Journey Buying your first home is an exciting milestone! To ensure a smooth and ...
DC Open Doors and the Maryland Mortgage Program
DC Open Doors and Maryland Mortgage Program Purchasing a home can be a daunting experience, especially if you’re a first-time homebuyer. One way to make ...
9 Tips To Help You Prepare to Purchase Your First Home
9 Tips to Help You Prepare to Purchase Your First Home Buying your first home is an exciting milestone in life, but it can also ...
The Building and Financing Process
There are several important steps you should take to ensure a successful building and financing process.
One-Time Close Construction Loans
One-Time Close Construction Loan Program GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of ...
What Is A Mortgage Recast?
You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called ...
How Do Down Payment & Closing Cost Assistance Programs Work?
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always ...
Home Inspections
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for ...
10 Homebuying Terms Everyone Should Know
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of ...
What Is Commonly Negotiated When Buying A Home?
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. ...
7 Ways to Stand Out as a Potential Homebuyer
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, ...
5 Tips for Making an Offer on a Home
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red ...
Get Your Cash Back
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and ...
The Lowdown on Down Payments & Mortgage Insurance
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR ...
9 Tips for Purchasing Your First Home
Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to ...
Home Improvement Projects with the Best ROI
Whether you've purchased a fixer-upper or are thinking about selling your home in the near future, it's important to determine which renovations or upgrades can ...
Homebuyer Options
Low Down Payment Programs & Grants George Mason Mortgage has many program options, contact one of our experienced mortgage professionals to see if one is ...
Moving Checklist
6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, ...
ICE Mortgage Technology Case Study
In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used ...