When you refinance your mortgage, you get a new mortgage to replace the current one. And if you have enough equity in your home, you can do a cash-out refinance. Here are five (5) great reasons to consider doing a cash out refinance with Freedom Mortgage.
Mortgages are a great option to consolidate debt. Mortgage interest rates are generally lower than credit cards and mortgage interest payments may be tax deductible. Here are just a few examples of the types of higher interest debt that can be paid off with a cash-out refinance: credit cards, installment loans, student loans, and auto loans.
For large home remodeling projects like additional rooms, extensions, even new windows, roof, or a driveway, a cash-out refinance can often make financial sense. Many times, a new mortgage can offer a lower interest rate and a term that spreads out payments over a longer period of time, which can make large projects more financially manageable.
Pay for College
Education is an investment in the future. In some cases, using a cash out refinance is a great option. Plus, mortgage interest is tax deductible. Be sure to ask your financial advisor about current IRS rules regarding mortgage interest rate deductions.
Starting a Business
Have you ever dreamed of being your own boss? Starting a business may require a large cash investment. Tapping into your home equity may be a cost-effective option to fund your dream business.
Do you have medical bills that you would like to pay off or reduce? A cash-out refinance can help.
Contact one of our Loan Advisors to discuss our Cash Out Refinance programs today at 877.220.5533.