It’s that time of year again. The holiday bills are starting to sink in and you are DREADING the credit card statements arriving in the mail. It’s time to pay the bills for an extravagant holiday season and you’re stuck with a big one. A Cash-Out Refinance is your way out.
A Cash-Out Refinance can help you get away from those high-interest credit card bills once and for all, and let you pay off the balance at a much lower rate. A Cash-Out Refinance will consolidate your debts using the equity in your home. Thanks to home values being so high and interest rates so low, you can use this opportunity to get out from under the thumb of the credit card companies.
A Cash-Out Refinance works by taking the equity in your home and letting you borrow against it. For example: if your home is worth $300,000 and you owe $150,000 still, you have $150,000 in equity, equaling 50% of the home’s full value.
You want to try to keep 20% at least in the house after the refinance, so that leaves you with $90,000 that you can borrow.
You would then take out a loan for $240,000 (the $150,000 that you owe, plus the $90,000 you are borrowing) and get a $90,000 dollar check at the closing.
Since rates are low, this is a very effective way to clear up high-interest debt with lower payments.
Don’t let this opportunity pass you by! It’s vital that you take this chance to get yourself back to zero on credit card debt, because interest rates are volatile and can change with the market. Stop paying credit card companies this year and give yourself a raise with a Cash-Out Refinance.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555. You can always apply online with our 5-Minute Loan Approval at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?