When to Do a Cash-Out Refinance

A Cash-Out Refinance can be a lifeline, or a building block, for borrowers.  However, there is a time and a place to use a Cash-Out Refinance.

A Cash-Out Refinance should be looked at as an opportunity to get our from under credit card debt, or make repairs or enhancements to the house, or put away money for a rainy day.

The best time to do a Cash-Out Refinance is when the housing market is hot, home values are rising quickly, and interest rates are at or near historic lows.  Coincidentally, that time is right now.

There has never been a better time to do a Cash-Out Refinance.  If you have credit card debt, wipe it out.  If you want to put in a pool, get the money now and get a likely discount from the pool folks for getting it done or ordered off-season.  If your home has foundation damage or roof issues that WILL get worse in the winter, now is the time to use the equity in your home to get problems like that taken care of.

Cash-Out Refinances are best done when the money is needed, but right now, if you can borrow money at rates all the way in the 2’s, on an increasingly valuable home, why not take out that money now and have it when you need it?

Besides, an added bonus to a Cash-Out Refinance is that you can write off part of the investment if you use the money on home improvements.

You can deduct mortgage interest paid on the loan principle up to $1 million for a couple or $500,000 for a single filer if you use the loan funds to buy, improve, or build a home.

And if you close a Cash-Out Refinance with us, you won’t make a payment for two months, putting all of that money in your pocket right before the holidays.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, andNashville 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?

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