- A cash-out refinance replaces your existing mortgage with a new loan that draws on the equity in your home. The equity you draw with the new mortgage goes to you in cash. That cash can be used for home improvements, debt consolidation or other financial needs.
- But your home must have equity for this to work. This is another reason to reach out to EHL’s Loan Consultants, as they will review your current mortgage documents and help you figure out what your home is currently valued at.
Potentially secure a lower rate and monthly payment
Mortgage rates are typically lower than credit cards or personal loans
With improvements, you could increase your home’s value
- A cash-out refinance for home improvement may be just the answer you’re looking for if you’re ready to remodel, but are short on cash.
- Not only could you secure a low-interest rate with this option, but you could boost the equity you have in your home as well.