Take Advantage of Your Home Equity

Have you refinanced lately?

You may want to chat with your mortgage lender if you haven’t done so already, and not just for the potential savings in interest and lower mortgage payment.

With a cash-out refinance, you get the typical benefits of a refinance, plus you can use the equity in your home to get cash out.

And what can you use that cash-out for? Plenty!

For starters, you can improve your current home value by completing some of those home renovations you’ve been thinking about for so long. Upgrade those kitchen appliances! Build that mudroom! Install that heated flooring in the basement!

You can also use the cash out to help you finance that cabin on the lake you’ve had your eye on.

And while yes, you could also use that cash out for purchases like a new vehicle if needed, I typically recommend that you stick with using the funds for purchases of items that appreciate (or increase) rather than depreciate (or decrease) in value in order to make your home equity work for your financial benefit.

So, if a home renovation project or vacation property is on your 2022 to-do list, talk to your lender about the potential benefits of a cash-out refinance.

Home Equity Application

All loans subject to credit approval. Interest rates based upon credit score and other factors. IncredibleBank is an Equal Housing Lender, NMLS 470126.

Author: Angela Stephens, VP Home Lending, IncredibleBank
NMLS: 478339