Why A Cash-Out Refi Makes Sense For You
With home values still rising, there are many options that homeowners have with their equity. Here are 3 reasons why a Cash-Out Refinance would make sense for you.
- Finance Essential Home Repairs & Upgrades. Keeping your home in good working condition is essential to holding its value. Energy-efficient upgrades can also be a great way to reduce costs while increasing value. Cashing out can pay for these improvements under an affordable interest rate.
- Pay-off & consolidate high-interest debt. Student loans and especially credit cards tend to have higher interest rates (sometimes upwards of 20%!*). Historically, mortgage rates tend to be substantially lower. Cashing out and consolidating your debt into your mortgage can help lower your interest rate.
- Investing in yourself. Warren Buffet once said, "The best investment you can make is in yourself." From earning a degree to starting a business to purchasing a second property to rent out, a cash-out refinance can be a great way to pay for ways to invest in yourself or improve your overall financial situation.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.