Cash Out Refinance Loan in Georgia

Refinancing your mortgage replaces your current loan with a new one. If you have enough equity in the home, you can get cash in the process. In that case, you will have done a cash-out refinance. Like in most other places, Georgia cash out refinance requires you to have at least 20% equity in your home. That means you should have some build up equity in the property. Want to learn how to increase the value of your house? Moreira Team can help. Talk to us today.

What are the Current Georgia Cash Out Refinance Rates?

While getting cash is a good enough motivation for doing a cash out refi, the primary reason should be to lower your mortgage rates, insurance charges and by extension your monthly payments. With the new mortgage comes a new loan with current Georgia mortgage rates and insurance premiums (not the ones you took out the loan with). Currently, Georgia’s interest rates are:

Today's Georgia Mortgage Rates

30 Yr. Fixed 7.000% APR 7.515%
15 Yr. Fixed 6.375% APR 6.873%
30 Yr. Fixed FHA 6.375% APR 7.367%
30 Yr. Fixed VA 6.500% APR 6.932%
Mortgage Rates as of April, 14 2024 See All Rates | See Rate Assumptions

Ultimately, on top of the need for cash and lowering interest rates, your decision should be based on a variety of other factors like expected interest rates, the amount of equity in your home and how long you plan to live in the house. In Georgia, refinancing comes with closing costs, so you should make sure that you can break even (pay the refinance costs without incurring a loss) while still in the house.

Does it make sense to do a Georgia cash out refinance now? Let our experts at Moreira Team do a comprehensive analysis for you. We will take a deep look at your unique situation and come up with a scenario that will get you the cash you need at a payment that makes sense for you.

See How Easy it is to Get Your Custom Rate!
Watch Now