Does A 100% Cash Out Refinance Make Sense?
Orange County, CA – Did you know if you are a Veteran you can refinance the full amount of the value of your home?
Reducing your interest rate and consolidating debt are reasons you should consider.
What kinds of debt can be paid through a 100% cash out refinance?
- Use your equity to renovate your home
- Pay off high interest rate credit card balances
- Pay off high interest auto or recreational vehicle loans
- Consolidate a home equity line or 2nd mortgage
- Pay for College tuition
Paying interest on consumer debt is NOT tax deductable. Paying debts through your cash out refinance, converts the debt to mortgage debt which can be written off against your income.
Velocity of Debt Reduction
You will save money 3 ways with consolidating higher rate debt into a VA cash out refinance:
- Additional interest expense write offs
- Longer Amortization periods
- Reduced interest from higher rate consumer and conventional mortgage debt.
When you combine all the savings and roll them back into the mortgage as “principle reduction”, you will see the pace of total debt reduction speed up considerably.
For more information or if you have questions as to how a VA Cash-Out Refinance may benefit you,
Please contact me.
Mortgage professional since 1995 who helps homeowners make sound mortgage decisions.
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