Reinvest the cash you get back
A Cash-Out Refinance allows you to turn a portion of the equity in your home into cash and refinance to a lower rate all at once.
A Cash-Out Refinance is a mortgage refinancing option that replaces the previous mortgage loan with a new mortgage loan of a higher value, allowing borrowers to take the difference out in cash.
This cash can be used for home improvements and paying off other large debts but is not restricted to those two categories.
Cash-Out Refinances are the most beneficial when you need extra cash and when interest rates are low.
*Interest rates are subject to change. Refinancing to a higher interest rate is generally not advised. Consult a Loan Originator to determine at what rate(s) you would begin to save money