Is a cash-out refinance right for you?
Here are a few benefits. Improve Your Credit ScoreWhen you apply the funds from a cash-out refinance to pay off high interest revolving debt, it not only saves you money, it can also improve your credit score by reducing your balance to credit limit ratio. |
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Consolidate Expensive DebtWith credit cards paid down, or paid off in full, credit utilization goes way down, which could also save thousands and make credit available to you again. |
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Tax DeductionsUnlike credit card interest, mortgage interest payments are tax deductible. That means a cash-out refinance could reduce your taxable income, therefore giving you a bigger tax refund at the end of the year. |
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Cash-out refinancing is a great way to use the equity of your home to pay for major expenses like medical bills, college tuition, or vehicles.
When used correctly, a cash-out refinance can generally offer better rates and terms than personal loans, unsecured loans or credit cards.
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