The Benefits of Refinancing Your Mortgage with Cash-Out!
The Benefits of Refinancing Your Mortgage with Cash-Out!
Do you have some home projects and renovations you’ve been putting off? Maybe you’re planning for a big purchase or your next vacation. No matter where life is taking you, you can put your home equity to work! Refinancing your mortgage with cash-out gives you all the perks of a refinance with the benefit of extra cash to cover other projects.
What’s a Cash-Out Refinance?
A cash-out refinance lets you replace your existing mortgage with a bigger one. Getting a cash-out is possible thanks to the equity you have in your home. Your home equity is the difference between your loan amount and the value of your home. Each time you make a payment, you gain more equity in your home.
Why Choose a Cash-Out Refinance?
Mortgage rates are still at historic lows and property values have been on the rise, so now’s a great time to refinance! The rule of thumb is if you can save money with a 1-2% lower rate on your mortgage, refinancing could make sense. Choosing to get cash out can let you make the most of a low rate, especially if you go with a fixed-rate mortgage. You can then use that extra cash for virtually anything, from consolidating high-interest debt to remodeling your home.
No matter the reason, choosing a cash-out refinance can be a great option and could leave you walking away with a pocket full of cash!
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