Get cash to remodel your home
If remodeling is in your future, consider refinancing your home to get the cash you'll need. It is usually the most cost-effective way to increase the value on your home without paying credit card interest rates. Even with zero percent cards, they will revert to full interest and unless you pay them off before that time, you will be losing money.
Seconds are expensive and Home Equity Lines of Credit (HELOCs) have a lifetime rate of 18% so these are not usually the best choice,
Entertainment Mortgage can help you determine if a refinance is the best choice.
Down Payment to buy a vacation home
If you plan to purchase a 2nd home, you may decide to refinance your primary residence to get the cash you need for a downpayment. This may not be advisable.
Before you begin your search for a second home, Entertainment Mortgage can help you determine if your current home is the best source for your downpayment.
Down Payment to buy investment property
Buying an investment property will require a larger down payment than that of a primary residence or second home.
Investors who need funds for the down payment of a rental property will often access the equity in their primary residence to get the money they need. Is this a good idea?
Draining the equity in your home can be risky business and should not be done without careful analysis.
If purchasing rental property is part of your overall financial plan, it may make sense to use the equity in your home in order to expand your real estate holdings.
Entertainment Mortgage can help you analyze the benefits and pitfalls.
Cash to pay off debt
If you are carrying a lot of debt, simply analyzing the numbers will tell you if trading high-interest debt for low mortgage interest will be beneficial for you.
Entertainment Mortgage will prepare an analysis for you. The numbers will make it clear if using equity in your home to pay off debt is a wise move.
Cash to pay a large expense
Student loan debt can be difficult to manage. There are many sources for student loans – some which carry reasonable interest rates, some which do not. If you have students in your family, accessing some of the equity in your home is an option to pay some of that tuition.
Owing the IRS is another expensive and stressful debt. Using the equity in your home to satisfy Uncle Sam and help you sleep nights is a good reason to refinance.
Get cash for an emergency cushion
Is your savings account thin? It's important to always have emergency funds available but it's not always possible.
While not always cost-effective, pulling some cash out of your home's equity can be the least expensive way to give you an emergency cushion.