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

Find your Port Barrington, IL Mortgage Broker
24 Hour Live Mortgage Hotline
We are available to answer questions and get the best Port Barrington, 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.
Port Barrington, Illinois Cash Out Refinancing
Cash out refinancing A cash-out refinance in Port Barrington, 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 Port Barrington, 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 Port Barrington, 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 The total amount of equity that can be withdrawn with a cash-out refinance is dependent on the mortgage lender, the cash-out refinance program, and other relative factors, such as the value of the home.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.
Port Barrington, IL Mortgage Calculator

Find a Port Barrington, IL Mortgage Broker Now!
Get Your Port Barrington, Illinois Cash Out Refinance
888-882-1058
Port Barrington is a village in Lake and McHenry counties in the U.S. state of Illinois. It was formerly known as Fox River Valley Gardens. Fox River Valley Gardens’ village board voted 4-3 in September 2002 to change the community’s long name to Port Barrington. There was a fight over the town name when the new Riverwalk subdivision homeowners were sold homes with a Barrington (60010) village name and zip code. In 2002, when the town announced that it would change to “Fox River Valley Gardens”, the new home values fell significantly and immediately. Some people trying to sell their homes at the time found themselves “underwater” (selling at a loss). This prompted citizens in the Riverwalk section of town to express their objection to what appeared to be a “bait and switch” in the town name and zip code as it affected home value. There were several tense town meetings where legal action was being considered by the new residents of the village. The population was 1,517 at the 2010 census,[3] up from 788 in 2000.
The town is a very active community. Winter has people snowmobiling, cross country skiing, ice fishing and ice skating on village trails and lakes. In the summer, cyclists, runners, fishermen and boaters come from all over the area to this town. The Broken Oar and the Lake County Marina are the two largest attractions.