- teamsteenstra@nafinc.com
- (508) 685-2716
Cape Cod's Local Mortgage Team • NMLS #21548
Put your home’s equity to work — renovations, debt consolidation, college costs, or a down payment on a second property. Eric Steenstra helps Cape Cod homeowners refinance into a new loan that pays off the old one and puts cash in your pocket at closing.
A cash-out refinance replaces your current mortgage with a new, larger loan based on your home’s current value. You pay off the existing balance and receive the difference as cash — typically at a lower rate than a personal loan or credit card, and often with tax-deductible interest depending on how funds are used (consult your tax advisor).
Lower-Cost Borrowing — Mortgage rates are typically lower than credit cards or personal loans, especially for large amounts.
One Monthly Payment — Consolidate high-interest debt into a single, often lower, monthly payment.
Fund What Matters — Home renovations, a second home down payment, education costs, or building an investment portfolio.
Flexible Terms — Choose a 15, 20, or 30-year term based on your monthly payment goals.
Local Cape Cod Knowledge — Property values, flood zones, and seasonal-home considerations all affect refinance eligibility and appraised value here differently than the mainland.
Full Program Menu — Conventional, FHA, VA, and jumbo cash-out refinance options through New American Funding.
Personalized Advice — A former Series 7 financial advisor, Eric will help you weigh a cash-out refinance against a HELOC or second mortgage based on your goals.
Responsive Throughout — Clear updates from application to closing, with no surprises.
Cash-out refinance eligibility generally depends on sufficient home equity (most programs cap cash-out at 80–85% of home value), acceptable credit and debt-to-income ratio, and a qualifying appraisal. Eric will review your specific numbers on a free consultation.
How much cash can I take out? It depends on your home’s appraised value, existing loan balance, and program guidelines — typically up to 80–85% of your home’s value.
Will my rate go up? Cash-out refinance rates can be slightly higher than a standard rate-and-term refinance; Eric will show you the actual numbers so you can decide if it makes sense.
Can I use a cash-out refinance to buy a second home? Yes — many Cape Cod clients use equity from their primary residence to fund the down payment on a second or vacation home.
Is the interest tax-deductible? It depends on how funds are used; consult your tax advisor.
