Housing Market Update
Cash Out Refinance – Home Renovations
- Current mortgage rates have seen slow increases the last two weeks
- Cash Out Refinance allows you to use the equity you built up in your home to draw money
- Commonly used for home renovations, but you can use the money how you see fit
- Cash Out Refinances have advances over personal loans particularly lower interest rates
- You can build equity back quickly depending on the renovations you do and can possibly deduct costs from taxes
- Cash Out Refinances are the easiest to budget for, and you can borrow at a lower rate than a mortgage
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