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The decision to purchase a home may seem daunting — especially with higher interest rates. However, in spite of fluctuating trends, buying a home continues to offer a multitude of benefits that make it a wise investment.
As a homeowner, you have two powerful tools thanks to all the equity you may have in your property: cash-out refinances and home equity loans. Understanding the nuances of each can empower you to make informed financial decisions and maximize the potential of your home's equity.
A cash-out refinance allows you to access the equity in your home for extra cash if you have considerable equity in the home. For example, if your home is worth $250,000 and you still owe $150,000, you could take out a new loan for $180,000, pay off the existing loan amount and use the remaining $30,000 to consolidate credit card debt.
Not all debt is created equal when it comes to looking at the money you owe. There is absolutely good debt and bad debt, and the difference matters. Check out our lists below for some examples of good vs. bad debt.
With the lowest mortgage rates in recent memory, you might be considering refinancing your mortgage and potentially getting cash out. Whether you pay off debts with a higher interest rate (student loans or credit cards, for example), make some much-needed home improvements, or reduce your monthly payment, refinancing may benefit your family’s financial situation.
You wouldn’t think it, but the slightest mortgage document errors could spell disaster to your closing process. That’s why it’s ultra-important to ensure that everything that is printed on your mortgage documentation is completely accurate, right down to the crossing of every T and the hyphenation of your name (if that applies to you).
