What the Credible Cash-Out Refinance TV commercial - Get the Money You Need is about.
The Credible Cash-Out Refinance TV spot is all about getting the money you need for whatever financial goal you have in mind. The ad begins with a woman sitting at home, feeling overwhelmed by her various financial obligations. From car payments to student loans, the woman is struggling to keep up and doesn't know where to turn.
That's where Credible comes in. The ad explains how Credible can help customers get a cash-out refinance, which is a type of home loan that allows homeowners to tap into the equity they have built up in their property. With a cash-out refinance, customers can get the money they need to pay off high-interest loans, make home improvements, or pay for unexpected expenses.
The TV spot emphasizes the benefits of using Credible's platform, which allows customers to compare rates from multiple lenders in just a few minutes. This makes it easy to find the best loan option for your needs without spending hours researching different lenders and loan products.
Overall, the Credible Cash-Out Refinance TV spot delivers a clear and compelling message: if you need money, don't hesitate to explore your options. With Credible, you can access the equity in your home and get the financial breathing room you need to achieve your goals.
Credible Cash-Out Refinance TV commercial - Get the Money You Need produced for
Credible
was first shown on television on November 20, 2021.
Frequently Asked Questions about credible cash-out refinance tv spot, 'get the money you need'
A cash-out refinance is a type of mortgage refinance that takes advantage of the equity you've built over time and gives you cash in exchange for taking on a larger mortgage. In other words, with a cash-out refinance, you borrow more than you owe on your mortgage and pocket the difference.
A cash-out refinance turns your home's equity into cash by replacing your current mortgage with a new, larger mortgage. The difference between the two is given to you in a lump-sum payment.
To get a cash-out refinance, lenders usually require:
- Home equity of at least 20%
- An LTV ratio of no more than 80%
- A current appraisal of your home to verify its value.
- A credit score of at least 620.
- A debt-to-income ratio (including the new loan) of 43% or less.
- Verification of your income and employment.
A cash-out refinance can be a good idea if you have a good reason to tap the value in your home, like paying for college or home renovations. A cash-out refinance works best when you are also able to score a lower interest rate on your new mortgage, compared with your current one.
A cash-out refinance replaces your current mortgage with a new, larger loan. In return, you receive the cash difference between the new amount borrowed and your old mortgage balance. Holden Lewis is a mortgage reporter and spokesperson who joined NerdWallet in 2017.
In most cases, it takes 45 to 60 days to close on a cash-out refinance loan. But you won't get the funds in hand right away. Most lenders wait three business days following closing in case you want to rescind the contract.
45 to 60 days
Expect a cash-out refinance to take 45 to 60 days, but with a little help, you may speed up the processing time. The faster you provide documentation and secure the appraisal, the faster your lender can underwrite and process your loan. It's a team effort to get the cash in hand that you want from your home equity.
Foreclosure risk: Your home is used as collateral to secure the mortgage. Failure to make timely payments on the new loan could result in foreclosure. You might be kicking your debt can down the road: Financial experts say tapping home equity to pay for renovations is a wise move.
Cash-out refinance pays off your existing first mortgage. This results in a new mortgage loan which may have different terms than your original loan (meaning you may have a different type of loan and/or a different interest rate as well as a longer or shorter time period for paying off your loan).
If you're hoping to do a cash-out refinance, you typically have to wait six months before refinancing, regardless of the type of home loan you have. In addition, a cash-out refinance usually requires you to leave at least 20% equity in the home.
4 to 8 weeks
The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you'll need to speak to one of the lender's mortgage advisers, who are qualified to advise you about the best deal for your needs.
Instant Cash Out transactions generally show up in your account in moments, but can take up to three business days depending on your bank.
