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How to Choose the Right Loan

Check out this blog for a few tips on the steps you can take to help you choose the right loan.  

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Cash-out refinancing mortgages

Cash Out Refinance Loan Options

Your home is your largest and most valuable asset. Use it to your advantage by turning your home equity into cash.

Cash out refinancing occurs when you refinance your mortgage for more than you currently owe, to pocket the difference and use it for major life events.

Pull out cash from your home and use it to:

  • Pay off high-interest credit card debt
  • Consolidate debt
  • Eliminate medical bills
  • Buy a vacation home or a car
  • Home Improvements
  • Fund college tuition
  • Pay off student loans
  • Pay taxes

The money you receive from a cash out refinance is yours to spend how you wish, and with today’s low interest rates, you may be able to save hundreds of dollars every month.

In addition, there are other benefits of cash out refinance loan:

  • Lower interest rates: Cash out refinancing can help you lower your mortgage rate because interest rates are typically lower than on a home equity loan and other loans.
  • Eliminate High Interest/Consolidate Debt: Mortgage interest rates are often lower than high interest credit cards. Consolidate your debt into one, new low monthly payment.
  • Tax benefits: Mortgage interest is tax deductible, so there can be significant tax benefits when you roll your high interest debt into a mortgage payment.* *Consult your tax advisor.

Contact a New American Funding representative today to find out if a cash out refinance loan is right for you.