🎋Refinancing can be a fresh start.
🏠When you have been paying down your mortgage, you've gained equity in your home. You may be able to access this equity as cash. The funds that are taken out are added to the mortgage.
Why refinance? Why increase your mortgage?
🧠It may be helpful to think of "good debt" and "bad debt" and your financial goals.
🏠Investing "good debt" - taking out cash for investment purposes or to purchase a larger home, investment property, or cabin.
🏠Investing in education for yourself or a family member.
🏠Invest in your current home by using refinance cash to update and renovate.
👉Consolidating "bad debt" - take out cash to pay off high interest debt like credit cards, lines of credit, car loans or student loans.
👉The interest rate from your mortgage is typically much lower than the interest rate on these loans. Consolidating debt can lighten the load and increase cash flow for you.
Are you ready for a fresh start?