Hey homeowners! 🏡 Are you sitting on some extra value in your home and also juggling a lot of card debt? There’s a smart move you might not have considered. Let me break it down for you.
What's a
Cash-out Refinance?
Think of your home as a piggy bank. Over time, as the value
of your home has gone up, you’ve put more money into it. A cash-out refinance
lets you take some of that extra money out, like breaking open that piggy bank.
Why would you do this? To pay off those pesky high-interest credit cards!
But
Aren't There Extra Costs?
Yes, there is a small catch. When you do a cash-out
refinance, there’s usually an extra cost. But here's the thing: **waiting for
lower rates might actually cost you more in the long run.**
Do the
Math
Imagine you've got a few credit cards and a current
mortgage. Add up all the monthly payments and the interest rates on those
cards. Now, blend that with your current mortgage rate. You might be surprised
to see that the combined rate isn’t much different from today’s mortgage rates.
Why Now
is the Best Time
If you refinance now, you can use the extra money to pay off
those high-interest credit cards. This will free up funds every month! 🎉
And when the mortgage rates drop again, you can refinance one more time – but
this time without the extra costs.
The
Bottom Line
Refinancing now can:
1. Help you pay off debts faster.
2. Free up money each month.
3. Set you up to save even more when rates drop again.
Home is where the heart is – and it can also be where the
smart money moves are. Don’t wait. Talk to a mortgage expert today and see how
much you could save!
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