Refinance with cash out

Refinance with cash out

If you have equity in your home and have had your current mortgage for two years or more, you may be able to refinance and obtain cash to pay off high-interest debt or meet other expenses. In particular, refinancing to consolidate your debt could save you money. Here are some important facts to consider:

• Credit card interest rates are in the double digits and the cost of holding credit card debt can add up fast
• Student loans often carry relatively high interest rates
• Mortgage interest rates continue to be at historic lows

When you refinance with cash out to pay off high-interest debt, the savings can be substantial. It pays to learn more about the refinancing process.

It’s always good to talk to your tax account or financial advisor for detailed financial planning advice. If the numbers point toward refinancing, call Right Key Mortgage.