In a cash-out refinance, you leverage the equity in your home in return for a lump sum of cash. These home loans are often used by homeowners who are looking to make home improvements, pay down debt, or pay for any large expense.

Pay down high-interest credit card debts

The interest you pay on credit cards is often significantly higher than what you would pay on a home loan. Using the equity in your home to pay down high-interest credit cards can save you thousands of dollars now and in the long run.

• Consolidate your payments and make one simple monthly payment instead
• The interest from your home loan is tax deductible*
• Paying down credit card debt may help increase your credit rating

* Consult a tax advisor for details

Home Improvement Loans

As mortgage rates decline, many homeowners are taking advantage of the equity in their homes to remodel. Smart investments such as remodeling your kitchen or bathroom can improve your home’s value.

• Kitchen renovations can yield a return of between 80%-100%.
• Adding a second bathroom can yield a high return on investment.
• Cosmetic home improvements can make your home easier to sell.

For more information on a “cash-out” refinance, contact a Financial Specialist today for a free quote! We’ll help review your situation and determine the best option for your future.