Cash-Out Refinance of Marital Home for Divorce

On behalf of our client, who was going through a divorce, we refinanced her marital home to remove the ex-husband’s interest and place it 100% in her name.  To give her extra savings, we strategically monitored interest rates and locked her in at a 4.25% fixed interest rate when rates took a dip.  Her new mortgage is a conventional conforming 30-year fixed-rate loan.  With this cash-out refinance, our client intends to use the proceeds to make updates to the home.