Refinance in Bannockburn, IL with Cash Out
Ready to do this? We got your back!

Find your Bannockburn, IL Mortgage Broker
24 Hour Live Mortgage Hotline
We are available to answer questions and get the best Bannockburn, Illinois cash out refinance. Connect with your own personal Mortgage Broker now. 24 Hour Mortgage Broker Hotline 888-882-1058.
Online Mortgage Application
Start your online mortgage now. Our easy home loan application can be completed in 10 minutes. Move along quickly with secure document uploads & electronic signatures. We will get you to the closing table quickly. START ONLINE APPLICATION.
Bannockburn, Illinois Cash Out Refinancing
Cash out refinancing A cash-out refinance in Bannockburn, IL is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up in their home into cash.
Uses Of The Cash
Typically, you can use the cash you get from a cash-out refinance on pretty much anything you want, be it paying down your credit card debt or taking a vacation. In practice, however, some uses of the money are smarter than others. If you have high interest debt such as credit cards, it may make sense to use a cash-out refinance in Bannockburn, IL to pay off this debt (do the math to make sure the all-in costs, including the closing costs for the cash-out refi, work out), because the interest you pay for your credit card likely far exceeds the interest on your new mortgage loan. In doing this, you get other perks, too: You may boost your credit score by paying down your maxed-out credit cards, and you can get a tax benefit from moving the credit card debt to mortgage debt because you can deduct mortgage interest on your taxes. It may also make sense to use this money to do home improvements, which can boost your home’s value down the road. Just remember, no matter what you use the cash for, it’s risky: You could lose your house if you don’t repay the new mortgage loan amount.
Example Of Bannockburn, IL Cash Out Refinancing
A homeowner who owes $80,000 on a home valued at $200,000 has $120,000 in equity. That equity can be liquidated with a cash-out refinance loan providing the loan is larger than $80,000. The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.
How Does A Cash Out Refinance Differ From A Home Equity Loan?
- A home equity loan is a separate loan on top of your first mortgage.
- A cash-out refinance is a replacement of your first mortgage.
- The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan.
- You pay closing costs when you refinance your mortgage.
- Generally, you don’t pay closing costs for a home equity loan.
- Closing costs can amount to hundreds or thousands of dollars.
Bannockburn, IL Mortgage Calculator

Find a Bannockburn, IL Mortgage Broker Now!
Get Your Bannockburn, Illinois Cash Out Refinance
888-882-1058
Bannockburn (Scottish Gaelic Allt a’ Bhonnaich) is a town immediately south of the city of Stirling in Scotland. It is named after the Bannock Burn, a burn (small stream) running through the town before flowing into the River Forth.
Land in the vicinity of Bannockburn town, probably between the Pelstream and Bannock burns (hence Bannockburn),[1] was the site of the Battle of Bannockburn fought in 1314—one of the pivotal battles of the 13th/14th century Wars of Independence between the kingdoms of Scotland and England.[HES 1] A large monument and visitor centre is located near the site of the battle.[2] In previous generations tourists came to visit the site and look at the Borestone.[3][HES 2] The dignity of the barony of Bannockburn is currently held by Hope Vere Anderson a descendent of the Sandilands and Vere families of Sandilands and Lesmahagow, Lanarkshire who were the original Barons of Bannockburn in the 14th. century. In the year of 1746, after the Battle of Culloden, Bonny Prince Charlie stayed in Bannockburn House where he met the future mother of his child.