Special article brought to you by Econ Mortgage
Have you been thinking about finishing your basement? Has your spouse been dropping hints for a kitchen renovation or adding on to your home? House remodels or renovations are a great reason to do a cash-out refinance. You can possibly refinance up to 80% of the value of the home! Now is a great time use the equity you have built up in the home to take cash out and finish all those projects that you have been putting on the back burner while rates are low.
Credit & Income Changes
Has your credit and/or income changed? If so, now maybe a great time to refinance to a lower payment, lower rate or shorter term. Some of our clients that have recently refinanced have saved $150-$300 on their monthly mortgage payment and other clients have kept the same payment but refinanced into a shorter term.
All-Time Low Rates
Rates are at an all-time low with all changes over the past year. Now is a great time to refinance your rate and save more money over the life of the loan! For example, refinancing to a lower rate on a $300K loan could potentially save you $74,705 over the life of the loan (That is with a potential decrease of 1.5%). Now is the perfect time to refinance and save big on interest!
Money for Purchasing Investment Properties
Have you been thinking about buying a second home on the beach or in the mountains for the family to get together at? Have you ever wondered how people can make passive income while on vacation, one possible answer is an investment property? With a cash-out refinance, you could have the money for a down payment on hand to use for that investment property or second home for when you find the perfect place!
Paying off Debt
Do you have high car payments, credit card debt, or student loans? Another great reason to do a refinance is freeing up some money every month to help with debt payments. You can also possibly take cash out of the home to pay off debts entirely and improve your credit score!