With Home Values at an all-time high, it is likely that your home is worth more than you owe on your current mortgage. The difference between the current market value of your home and the balance you owe on your mortgage is called “Equity”. Your equity is the cash you can extract from your home through a Cash-Out Refinance.
There are 2 ways you can take advantage of your equity and turn it into CASH; #1 way is to sell your home. However, if you are like many homeowners in today’s market, and don’t want to sell, than option #2 is the path for you!
Take advantage of your Equity with a cash-out refinance. A Cash-Out Refinance allows you to cash in on the equity you've accumulated in your home. This is your money that can be used on pretty much anything you want. For example - Do you have a hard time keeping up with High Interest Credit Cards? Do you want to upgrade the Kitchen or Bathrooms? Maybe it’s time to put Solar Panels on the roof or finally add that pool to the backyard? A cash-out refinance can be an excellent way to pay for debt consolidation, Home Improvement projects, unexpected car repairs, Medical bills or even to store away for a rainy day fund!
