Cash-out Refinance

When you take advantage of a cash-out refinance, you leverage the equity in your home to in return for cash. Homeowners often use this loan to pay for home improvements, pay down debt or pay for other large expenses.

Paying down credit card debt

Interest on credit cards is often significantly higher than what you would pay on a home loan. Using the equity in your home to pay down high-interest credit cards can save you thousands of dollars.

Benefits:

  • Consolidate into one monthly payment
  • The interest from your home is tax deductible (consult a tax advisor for details)
  • Paying down credit card debt might increase your credit rating

Home improvement loans

Homeowners who have available equity can take advantage of that to make improvements to their homes, which can improve the home’s value.

Benefits:

  • Kitchen renovations can yield a return of 80 to 100%
  • Adding a second bathroom can yield a high return on investment
  • Cosmetic home improvements can make your home easier to sell

Contact one of our Mortgage Specialists to get a quote today!