Have You Considered A Cashout Refinance?

Do you need cash for home improvements, to start a business, pay for medical expenses or build an emergency fund? A cash– out refinance mortgage offers flexibility and variety that meets a diverse range of homeowner needs.

• Improved cash flow and reserves. Using a cash–out refinance to pay off high interest revolving debts can put you in a better cash flow position.
• Build an emergency fund. You can use a cash-out refinance to put the money in the bank just in case of emergencies for an unforeseen circumstance.
• Better interest rates, improved credit scores. Interest can be lower in a cash-out refinance than on a home equity loan and other loans such as home improvement loans or business startup loans.
• Tax benefits. You can roll your high-interest debt into a mortgage payment. All of the mortgage interest is tax deductible.
• Spend wisely. Even before you consider the math, take a close look at how you plan to spend the money from a cash-out refinance. If you’re going to make payments for 15 or 30 years, it makes sense to spend the money on something enduring ( like an addition to the house that will increase its value or to start a business).

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.