Your home has increased in value at the fastest pace in a decade. There’s a high chance your borrower profile has improved since the last time your loan was evaluated. Here are 4 reasons to consider applying for a cash-out refinance this year:
Lower rates and monthly payments
A cash-out refinance could get you a lower interest rate and lower monthly mortgage payments. Getting a cash-out refinance could also improve your current credit score by reducing your credit utilization ratio – which is the amount of available credit you use.
Consolidating credit card debt
Don’t let more expenses end up on your credit cards. Pay off credit card debt and stop carrying balances from month to month. The rate on your mortgage will be significantly lower than the rate on your credit card. You can even write off the interest, as a bonus. Using the money from a cash-out refinance to pay off high-interest credit cards could save you thousands of dollars in interest.
You have the money you need, sitting in your house, to pay for this year’s upcoming home improvement projects. If you are looking at redoing the kitchen, updating the bathroom, fixing the roof or putting on an addition, now is the time. You have the equity in your home to pay for these things.
Home loans offer a big tax advantage. The interest paid on a refinance is tax deductible. Writing off the interest allows you to reduce your taxable income, which could mean a bigger tax return. A bigger tax return is another form of extra cash you can have in hand.
There are many benefits that come with refinancing a loan, as well as hidden costs to consider when starting the process, like switching fees. This is why it’s most important to work with a strong mortgage lender who is on YOUR side.
The solution to your problem is only 5 minutes away. Get started and review your options with The 5-Minute Loan Approval.
Apply online today and experience the newest and fastest way to get a cash-out refinance.
The Home Loan Expert Team is ready to make your home dreams a reality. We have the experience and knowledge needed to get you the best rate on your mortgage and get it done faster than anyone else on the map. We take calls on Saturdays and Sundays ready to help you get the home you want. Don’t feel like driving? That’s fine! We’ll come to you! Give us a call or visit our website to chat with us live!