Michigan Cash-Out Refinance Guidelines – Lower Monthly Payments & Extra Cash In Hand
With home values spiking over the last 18 months in Michigan, we have had a slew of “cash-out” refinances take place that had been non-existent for years. The “cash-out” refinance allows a borrower to tap into the equity they have built in their home.
This was almost an impossible task in 2008, 2009 and 2010. The recession hit first in Michigan in late 2006 and it was one of the hardest hit states because of the collapse of the auto industry, but now there are many who can again take advantage of the bounce back in housing values in 2013.