Point of Interest
Cash-out refinancing allows you to convert the equity in your home to a lump sum of cash by extending your mortgage.
A cash-out refinance can help fund major expenses that would otherwise take years of saving. Here are the pros and cons of a cash-out refinance.
A cash-out refinance allows homeowners to use their home equity for immediate access to cash, tax-free! It can be an excellent option for homeowners looking for ways to fund a large purchase like a renovation.
Historically, refinancing activity picks up when interest rates fall. In response to historically low-interest rates, the average 30-year fixed-rate mortgage has fallen from 3.77% to 3.02% year-over-year (as of July 2020), leading many homeowners to refinance their mortgage. According to CoreLogic, refinance loan originations increased by 59% in 2019.
Interest rates are expected to remain low for the foreseeable future. If you bought your home in