One of the most popular reasons to refinance, is to leverage your home equity with a cash-out refinance. This will get you money in your pocket to put toward any kind of expense you may have. Be it a home improvement project, a family trip or a big purchase.
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Leverage your home equity to put money in your pocket
Whether it’s taking that trip you’ve been planning, finally getting to that big purchase you’ve been thinking about – leveraging your home equity can help you reach your goals.
What can you do with a cash-out refinance?It's your money, use it when you need it
A cash out refinance is one of the most powerful tools homeowners can use to achieve their goals. With a cash out refinance you get money in your pocket to put toward what matters most. The best part? You're leveraging your own home equity.
Below are some common things homeowners do with a cash-out refinance...
You can use a cash-out refinance to clear up outstanding debt. Often times the rate for your mortgage will be lower than your combined average debt, saving thousands.
Cash-out refinances help homeowners finally get to those home improvement and renovation projects.. Now you can finally get that project started.
From wedding and engagement rings to fertilization treatments and everything in between. A cash-out refinance can help make that big transaction possible.
Trips & vacations
Getting up and out can be costly! Especially when you have a big family. A cash-out refinance can be a great way to fund your big family trip or vacation.
Weddings & events
The big day isn't cheap, and a cash-out refinance can be a great way to get the funds you need to make your special day or big event as amazing as you imagined it.
Emergencies & surprises
Life comes at you fast! Sometimes, we're left unprepared for life's surprises. A cash-out refinance can be an effective way to make sure you're not caught off-guard.
When is it a good idea to get a cash-out refinance?you want to make sure it makes sense
There are a lot of reasons a cash-out refinance can be very attractive. However, you want to make sure the economic situation is right for you. If refinancing would increase your monthly mortgage payments, or put you under a higher interest rate, it may not be a good time to try and get a cash-out refinance.
Talk to a professionalBe confident about your decision
Power Mortgage LLC has a strong team of professional mortgage experts ready to help advise and assist you through your cash-out refinance.
It's important to find the right agents, doing so will ensure your best interests are being considered, and that you're making the right financial decision for yourself and for your family.
Have questions about a cash-out mortgage refinance?We've put together some answers to commonly asked questions about cash-out mortgage refinancing.
1 What is the catch to a cash-out refinance?
It's important to understand a refinance is just getting a new mortgage loan. This will come with normal fees associated with a mortgage loan, like closing costs and other fees.
Closing costs can range from 2% to 5% of the mortgage loan amount. Be sure to run the numbers before deciding if a cash-out mortgage refinance is right for you. Talk to a professional and make sure you understand all of your options.
2 What's the downside to a cash-out refinance?
While a cash-out refinance can give you the ability to get a large amount of money from a loan with low rates, provide tax benefits and offer a long repayment period, it can come with potential downside.
A cash-out refinance will re-start your mortgage loan so you'll pay more interest over time than you would have without refinancing. As previously mentioned, cash-out refinances include closing costs and that can be a downside to some borrowers that don't expect it. And as with every other loan, there's risk of not paying. When you're using your home equity non-payment results in foreclosure.
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Provide us with some basic information and a message and we'll get back to you as soon as we're able. Looking for a mortgage broker? Have questions about refinancing your mortgage? You've come to the right place.