
3 Things Refinancing Can Do For You
People have been refinancing like crazy lately, with rates the lowest they’ve been in years it’s no wonder. People are saving money, over the course of the last month I’ve noticed several of those clients ask me the same question:
“What is the benefit of refinancing?”
It dawned on me that many people probably don’t know the answer. They realize they can save money, but they don’t know what a powerful tool the equity in their home can be. So I wanted to let you know some of the valuable ways you can use a refinance.
Consolidating High Interest Debt
This is one of the most common reasons people have been refinancing. They are able to combine high interest debt like credit cards and auto loans into their mortgage, saving thousands on long term interest and lowering their monthly debts at the same time.
Student Loans
Another common reason people have been refinancing is to get rid of their student loans. There is a special program catered to student loan refinancing where it doesn’t come with the same price adjustments a normal cash out refinance does. So this saves you thousands right away.
Home Repairs
Home repairs and additions are another common reason people take money out of their homes. If you have enough equity you can cash out refinance on a home and use those proceeds for any home renovation projects.
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Justin Scott
NMLS 8758581
Executive Mortgage