Creating & Using Wealth through Homeownership
Homeownership can get you started on the path to financial success. Unlike renting, buying a home allows you to build wealth and equity. By paying down a mortgage every month, you are creating equity that you can borrow against when needed. Our partner, Mortgage Center, offers a great Maximum Cash-Out Refinance that allows you to access the equity in your home to pay bills, make home improvements, or whatever you may need.
Paying Down Debt
You can use a cash out refinance to pay down high interest debts, such as credit cards, which will save you money and may improve your credit score. With mortgage interest rates typically being lower than most credit cards, you can help lower your monthly payments, while saving money.
Value Adding Home Improvements
Have you been itching to start that remodeling project? Use your home’s equity to cover the expenses of your home improvements instead of taking out a second loan. Your mortgage interest may be tax deductible with a lower interest rate than most personal loans, which keeps more money in your pocket.
These are just a few examples of ways to use the wealth of your home to achieve your financial goals. With interest rates being at historic lows, now is the time to refinance. To learn more call 800.353.4449 or visit LOC.MortgageCenter.com to get in touch with a mortgage expert.
Information as of September 2019.
Equal Housing Lender Mortgage Center NMLS# 282701