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If you’re a homeowner with a big expense planned that you’re trying to figure out how to pay for, it’s worth looking into Cash-Out Mortgage Refinance! Refinancing is a good opportunity for you to improve your financial situation and maximize your money.
Since a mortgage refinance typically comes with a lower interest rate than a Home Equity Line of Credit, a Cash-Out Mortgage Refinance can be a huge asset in paying for home improvements to increase your home’s value. It can also help with paying off high interest debt like student loans and credit cards.
How it works:
A Cash-Out Refinance is a way to refinance your mortgage and borrow additional money at the same time. By refinancing your home at a higher amount than your current mortgage, you’re able to pay off the existing mortgage, and receive the cash difference at closing.
A Cash-Out Refinance can be a great tool to help you get rid of costly high interest debt or pay for home projects. Just remember home improvement projects can start small but grow quickly and cost more than originally planned. If you’re looking to redo your kitchen, add on a sunroom, or renovate your basement, a Cash-Out Refinance may be the best option for you. Keep in mind that as with any mortgage loan, it’s a good idea to work with a lender that you trust and who will show you all the best loan options for you .
Our mortgage experts would be happy to talk with you about your goals. Feel free to call us at 815-744-7497 to learn more or click below to apply for a new loan today!
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