The Morning Show Overdrive Heather Phillips

The Morning Show Overdrive: Cash Out Refinancing

On this week’s call-in with The Morning Show Overdrive, host Josh Peterson discusses the basics of cash-out refinancing with First Vision Mortgage’s Heather Phillips.

 

Each week, we’ll bring you a few quick takeaways on relevant mortgage topics from our weekly call-ins.  Thunder Radio is 100% locally owned and operated by  Josh and Holly Peterson in Manchester, Tenn.

Full-Text Transcript

Josh
On your hometown station Thunder Radio 107 FM AM 1320 worldwide on the Manchester Go And at Thunder 1320 dot com, the morning show Overdrive is financed by First Vision Mortgage and we are glad to be joined now by Heather Phillips with First Vision Mortgage here in Manchester.

Heather. Good morning. How are you?

Heather
Good morning. I’m well, Josh, how are you?

Josh
Fantastic.

So I read through all the information that First Vision Mortgage does and I go to the website and I look through all the things that you do and it’s all beyond my, my mental capacities, but I, I look at one of them and it talks about cash-out refinancing and I’ve, I’ve seen that on TV. I’ve heard radio ads for that and I’m looking at your website and it talks about a cash-out refinancing,

But it really, I don’t understand the process of how that works. Talk to me a little bit about cash-out refinancing who that fits and how someone might go about doing that.

Heather
Sure. Sure. So it’s a great option for homeowners who need cash basically in hand. You meet the requirements of refinancing is generally no more than 80% of your home’s equity. and the process is simple. You take out a new mortgage for more than what you owe on your existing home, but it’s less than what your current value is and you receive the difference in hand.

So you can use that money to pay off, you know, high-interest rate credit cards. Really that help with your month-to-month cash flow.

Josh
Ok. So that makes good sense to me. So if I’m I’m just gonna use round numbers here. Ok?

I don’t know but let’s say my house is worth $500,000 and I owe $200,000.

That’s something I could cash out refinance and I could get cash in hand and then use that for the things like you were talking about.

Heather
Absolutely.

Josh
Well, how do I do that? I just give you a call, right?

Heather
That’s right. You call me that That’s the easiest answer ever.

Josh
That’s the easiest answer ever.

I just call Heather Phillips at First Vision Mortgage in Manchester. Office number, the best way to get in touch with you?

Heather
931-307-5540. Call or text my cell phone.

Josh
She just gave out her personal cell phone. Oh, I don’t know if it’s her personal number.

Heather
931-307-5540

Josh
So personal cell phone right there. You can get in touch with Heather anytime at 307-5540 with First Vision Mortgage.

Thank you so much for jumping on the phone with us today.

Heather
Thanks, Josh. I appreciate you.

Josh
We appreciate you at First Vision Mortgage.