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For many people, their home is their biggest investment and source of savings. When they need to borrow money for major expenses, or to pay off accumulated debts, they can use their home value to borrow money.
Rate and Term Refinances With today's rates, simply reducing your interest can make the most sense. All your costs can be included in your loan with the exception of your appraisal. If you have a FHA or VA loan, you may qualify for a streamline refinance that does not require most of the documentation needed to do a normal mortgage loan. In honor of our Veterans, we have reduced the cost and expanded our level of service to deployed veterans, so they can benefit from the savings available. Pay off your credit cards If you have credit card or other consumer loans, it is often less expensive to consolidate these expensive loans with your mortgage. Credit card interest rates are usually much higher than mortgage interest rates. And, the interest on your mortgage is tax deductible, while the interest on your credit card is not. If you have enough home equity, you may be able to pay off your pricey credit card debts and save money. Refinance vs. home equity loan Generally, there are two ways to use your home equity to borrow money. You can either refinance with a new mortgage that is larger than your remaining balance (a cash-out refinance) or get a home equity loan. A cash-out refinance is generally cheaper, but a home equity loan will usually let you borrow more. |
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