Cash Out Refinance(Debt Consolidation)
Cash-out Refinance allows you to take out money from your home equity to pay off debt or remodel your home or both! You can do whatever you want with the funds. It’s a great way to put your home equity to work and consolidate your monthly bills into one low monthly payment.
Using the equity of your home is a smart way to save money since the interest rates are lower than companies like your current credit card or medical collector or auto loan is currently charging you. Plus, the interest on your home loan is tax deductible which means more savings for you!
There are seasoning requirements for Cash-out Refinance. You can also get shorter terms like a 20 year or 15 year.
- Pays off your existing mortgage and give you funds to do what you want with it
- Easy access to funds you already have with quick approvals so you get the money you need fast
- Great way to consolidate your over all debt into a low payment
- Low closing cost which can also be rolled into the loan
- Cash-out Refinance can be done with FHA Loan or Conventional Loan depending on your financial situation
- Good alternative to a Home Equity Loan or 2nd Mortgage
Call to get more information and to see if you can qualify 801-403-8887