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Mortgage Equity Into Cash
www.BlackhawkLivingCA.com @BlackhawkLivingCA #BlackhawkLivingCA
By Steve Cline, Preferred Financial
As you may have heard, interest rates have recently and significantly dipped. If there is ever a “right time” to cash-out equity, it would be when interest rates are at or near all-time lows. Given the new tax laws, restricting deductibility of Home Equity Lines of Credit, a cash-out refinance may be the best avenue to obtain needed funds.
Although I do not generally advocate that our clients cash out equity from their homes to pay off debt, I am also a realist and recognize that there are some situations that may warrant its consideration, such as for:
• Future home improvements
• College costs (future/current)
• Debt consolidation (credit card debt, auto loans, etc.)
Even if your current mortgage rate is below market, it’s worth investigating what new cash-out interest rates are available for your specific scenario. The answer may (pleasantly) surprise you. Give me a call or email, and I will prepare something tailored to your situation.
