What Happens When I Refinance?

5 min read

Savings tracker with boxes of numbers written on graph paper

Are you considering refinancing your home to save a little money each month or get quick cash from your equity? Going through the Cake closing process on a cash-out refinance can open many doors financially—but how exactly does it work?

What Does It Mean to Refinance?

Refinancing is a simple way of trading in your original home loan for a new home loan with either a smaller monthly payment or cash out from some of your gained home equity. Refinances are great for anyone who owns a home and needs some financial reprieve, wants to make home improvements, or wants to do fun things now rather than waiting to sell the house. Check out Cake's cash-out refinance closing process to help you understand how to refinance today.

7 Home Refinance Steps

1: Fill out the 10-minute application.
2: Get pre-approved.
3: Lock in your new interest rate.
4: Go through the underwriting process. Cake specialists will ensure all documentation is accurate and officially approved.
5: Get an updated home appraisal. The appraisal is where your equity outcome tells all for your cash-out option. The appraisal is only used for refinancing and will not impact your personal property tax.
6: Close on your new refinanced loan.
7: Celebrate with a slice of cake!

Rolled dollar bills on a table

Do I Have to Pay Closing Costs?

There are times when refinances do not make you pay upfront costs during the cash-out refinance closing process. Sometimes the loan will roll your closing costs into the loan amount, and you will pay over time, plus interest, on those fees. This is an excellent part of the refinancing process if you’d rather not bring money to the table.

How Cake Can Help My Refinance Process?

Cake is the easiest loan lender to work with on the planet! It’s a piece of cake to seal the deal on your cash-out refinance closing process with us. We know that refinancing is an opportunity for you to expand on your financial situation. We are an open and transparent lender who will be there for you every step of the process.

Our team of professionals wants to provide you with the best experience from the moment you apply for your refinance to the final dab of ink on the closing documents. We will ensure you have all the information you need upfront and walk you through every option, resource, and step to make your refinance as sweet as cake!

Use our home refinance steps to get started on your process. When it comes to having a quick closing process for your cash-out refinance loan, you will find no better lender than Cake.