Do you need cash for home improvements, to start a business, pay for medical expenses or build an emergency fund? A cashout 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).
Contact me today to find out if this would fit your needs.
*This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations