According to the latest reports, homeowners are sitting on a ton of equity in their home. In most cases, it is quick and easy to access the equity in your home. Best of all, there are no restrictions to how you can spend the money. It only takes a few minutes to find out if you are eligible – Get a Free Proposal.
There are a number of common reasons homeowners choose cash-out refinancing over other options. Here are some scenarios in which it may be worth considering a cash-out refinance:
You would like to use your home equity to pay for improvements that will increase the property value of your home
You want to take advantage of the potential tax-deduction benefit associated with the interest paid on a mortgage loan*
You wish to pay off high-interest and/or high-balance credit cards or eliminate other high interest debts to save money
You run into unforeseen expenses, such as emergency medical bills or urgent and costly car repairs
You need extra assistance paying for your child’s college education