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Check Rates for
Refinancing Now!
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.
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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