when do i pay back the funds from a cashout refinance?

When you do a cash out refinance, you take out a new mortgage for a larger amount than the balance of your current mortgage. This new mortgage pays off the old mortgage and any closing costs and you receive the remainder in the form of cash. You would make normal payments on the new loan, which will probably be higher that your current mortgage, but impossible to say without knowing how much you are paying now, how much cash you want to take out and which loan you would choose for your new loan. A local professional can answer these questions and provide you with actual numbers so that you can determine if a cash out refinance is best for your situation.

You pay the money back as a mortgage payment over the life of the loan (10,15, 20, 25 or 30 years). Your payment may increase depending on the amount and type of the new mortgage. For a 30 yr fixed rate mortgage, your principal and insterest payment will be about $50/mo for every $10,000 you borrow, so a $100,000 loan (don't forget you are paying off any existing mortgage when you refinance) will have a payment of about $500/mo plus taxes, insurance and any required PMI payment. I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Depending on the rate of your new loan, your payments may increase, or they could decrease. Your lender will be able to quote you an approximate monthly payment at the time you apply for the loan.