Great news! Home values are climbing. The combination of increase home values and low mortgages rates give homeowners more flexibility to improve their financial situation and maximize their 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 great option for paying off high interest debt like student loans and credit card balances. You could also use the cash-out option to make home improvements to increase your home’s value.
Here is how it works:
A Cash-Out Refinance is a way to both refinance your mortgage and borrow additional money at the same time. When you refinance your mortgage at a higher dollar amount, it allows you to pay off the existing mortgage and receive the cash difference at closing.
Things to keep in mind:
A Cash-Out Refinance can be a great financial tool that can help you get rid of costly high interest debt. Home Improvement projects can start small, grow quickly and cost more than originally planned. If you need to fund a brand new roof, new driveway, or renovate an old room, a Cash-Out Refinance may be the best option for you. As with any mortgage loan, you want to work with a lender that you can trust who will show you all the loan options that will benefit you.
Our mortgage experts would be happy to talk with you about your goals. Call us at 815-729-3211 or learn more your options by clicking the button below.
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