A cash-out refinance basically replaces your existing mortgage with a new loan that:
Pays the balance of your current mortgage
Uses the equity you have built on your property to provide additional cash to use for other purposes
Advantages
Debt Consolidation: Use the extra money to pay off different types of debt, like high-interest credit cards or student loans.
House Improvements: Add more value to your home and make it more attractive to future buyers.
Money in the Bank: Having a savings fund helps give peace of mind and stability, so you can rest easy.
Tax-Deductible*: Planning to use the money from a cash-out refinance to buy, build, or significantly improve your home? Mortgage interest deductions may be available.
*Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
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