With a cash-out refinance, you use the equity in your home to get cash. Tapping into your home’s equity is an ideal way to get extra money, and the beauty of a cash-out refi is you can use the cash for anything you choose.
You can pay off debt from high-interest credit cards or student loans, make home improvements, or even start a new business. The only limitation is your imagination.
Read below to discover what cash-out refinance is all about, and how to get started with the application process through Embrace Home Loans.
The biggest advantage to a cash-out refinance is the obvious one – cash! You can use it to pay off debt, remodel, or even take a well-deserved vacation. But there are also other reasons to consider this option. It’s possible to refinance your existing mortgage and get a rate that’s lower than a line of credit. Also, because mortgage rates are typically tax deductible, there could be additional savings if you put the money you receive toward paying off debt.
If the money is used to consolidate debt and the total of your monthly payments is reduced then it makes sense to do a cash-out refinance. It’s also smart to take advantage of a cash-out refi for things such as educational expenses because mortgage rates are often lower than rates on personal or student loans. In addition, mortgage interest is usually tax deductible.
An Embrace mortgage specialist can find the loan that’s right for you and guide you through the entire process. And because we’re a direct lender, we’re able to streamline the refinance process and get you the cash you need fast.
Call Embrace today at 800-620-6292 to speak with one of our knowledgeable Loan Officers and learn more about your refinance options. Or fill out our get a quote form and one of our specialists will contact you.
“Michelle was extremely pleasant, professional, supportive, knowledgeable, attentive, patient and thorough. She was efficient and determined to provide service to me in getting my mortgage not only refinanced but sufficient cash out to remedy my financial need. It was an amazing experience to have this transaction seamless and finalized in less than a month. Michelle is a stellar loan officer and I have already referred friends and family to her and Embrace. I am so thankful I called Michelle.”