Cash Out Refinance

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Equity in a home may be accessed for cash at closing through a cash-out refinance. Any existing home mortgage and liens on the property are paid and replaced with a refinanced mortgage. In the cash-out refinance transaction, the new loan amount exceeds the total of the principal balance of the existing first mortgage and any secondary mortgages or liens, together with closing costs and points for the new loan.

Cash-out refinancing is different than a home equity loan:

  • A home equity loan is an additional loan on top of your first mortgage
  • A cash-out refinance is a replacement of your original mortgage
  • Interest rates on a cash-out refinancing are often lower than those on a home equity loan
  • You pay closing costs when you refinance your mortgage
  • You typically don’t pay closing costs for a home equity loan
Apply for a cash out refinance today! Apply Today
What information will Liberty need to process my application?
  • Prior two years addresses and dates of residence.
  • Social Security number or tax ID.
  • Driver’s license or state issued identification card.
  • Prior two years employment information including employer contact and dates of employment.
  • Most recent W2 and pay stub for all income sources.
  • Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
  • Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
  • Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
  • Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
  • Most recent mortgage statement (if applicable).
  • Most recent property tax bill.
  • Most recent hazard insurance declaration page.
  • Most recent flood insurance declaration page (if applicable).

Liberty Financial mortgage lending product availability may vary based on property location.