Stop Juggling Payments.
Start Making One.
Consolidate credit cards, personal loans, and other high-interest debt into one manageable monthly payment through a cash-out refinance of your primary mortgage.
Refinance That Puts Cash in Your Pocket
With a cash-out refinance, you replace your current mortgage with one new mortgage and receive the difference as cash at closing — no draw periods, no revolving line, no rules on how you use it.
Pay off high-interest debt.
Cover major expenses.
Fund a home project.
A Smarter Way to Pay Off Debt
Program Features
- Replace your current mortgage with one new, larger mortgage — and pocket the difference
- Combine multiple bills into a single fixed-rate mortgage payment, not a revolving credit line
- No restrictions on how you use the cash — debt, renovations, major expenses
- Available for primary residences, second homes, and investment properties
- Many clients reduce their total monthly payments by hundreds of dollars
- Fixed-rate mortgage options for predictable, long-term payments
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How does a cash out refinance work?
Let’s say you have a home worth $350,000 and a mortgage of $200,000. Say your home is worth $350,000 and you owe $200,000. A cash-out refinance replaces that $200,000 mortgage with one new $300,000 mortgage — and you pocket the $100,000 difference.
Most clients use that cash to pay off high-interest debt like credit cards and personal loans, rolling everything into one lower monthly payment.
Click the Milend Award links below to visit the award-giver’s official site.
Why our Clients Love MiLEND
FAQs
Q: What is a cash-out refinance?
A bank statement loan is a type of mortgage that allows borrowers to qualify based on their bank deposit history rather than traditional income documentation like W-2s or tax returns. It’s specifically designed for self-employed individuals, business owners, freelancers, and investors whose income doesn’t fit the standard mold.
Q:Who qualifies for a cash-out refinance?
A cash-out refinance replaces your current mortgage with one new, larger mortgage — and gives you the difference in cash, based on the equity you’ve built in your home.
Q:How much cash can I get?
It depends on your home’s value, your current loan balance, and your lender’s loan-to-value limits. Your Milend loan officer will walk you through your specific number.
Q: Will my monthly payment go up?
Not necessarily. Many clients see their total monthly payments drop, even with a larger mortgage — because they’re replacing several high-interest debts with one lower-rate payment.
Q:How is a cash-out refinance different from a rate-and-term refinance?
A rate-and-term refinance just adjusts your rate or loan term — no extra cash. A cash-out refinance borrows more than you currently owe and gives you the difference to use as you choose.
Q:Is a cash-out refinance better than a HELOC?
They solve different problems. A cash-out refi replaces your existing mortgage at a new rate and term, rolled into one fixed payment. A HELOC sits on top of your current mortgage as a separate, often variable-rate revolving line. Your loan officer can help you compare based on your goals.
Q: What can I use the cash for?
Anything — debt consolidation, home improvements, education, major purchases. There’s no restriction on use.
Q:Do I need good credit to qualify?
Credit is a factor, as with most mortgage programs. Your Milend loan officer will review your full picture and explain where you stand.