If you've been in your home for some time or you've made some upgrades — or both — chances are your home may be worth more than what you owe on your mortgage. The difference between your home's value and what you owe on it is your available equity, and when you choose a cash-out refinance, you can gain access to that extra equity.
Why choose a cash-out refinance?
There are lots of reasons to tap into your home's equity, including:
- To pay for college or other education
- To pay for other major expenses like a wedding, dream vacation or family reunion
- To make upgrades to the home, like a pool, open concept or new kitchen
- To make improvements like walk-in-showers that will enable older homeowners to "age in place"
- To fund a nest egg or other investments
- To consolidate debt
Contact a PrimeLending loan officer to discover more about a cash-out refinance.