A cash-out refinance with BBVA Compass can be a great way to finance home improvements, consolidate debt, pay off college tuition, cover an emergency expense, or take care of other financial needs.
But is a cash-out refinance the best option for you? In a cash-out refinance, you refinance your existing mortgage for more than you currently owe, then receive the difference in cash. If you plan to stay in your home for a few more years and current mortgage rates are favorable, a cash-out refinance can be a great way to put extra money in your pocket.
With cash-out refinancing, you need to weigh the benefits of how you’re going to use the money against the amount of time it will take to pay off the loan. Here are some questions to consider:
We’re here to talk through the details of cash-out refinancing. A mortgage specialist can help you compare your current financing to the current interest rate, understand how much money you need, define what your projected payment amount will be, and make you aware of any changes to your taxes. Contact a BBVA Compass Mortgage Specialist today!
Refinancing you mortgage can be just as stressful as applying for a mortgage the first time around. How do you know if it's the right time to refinance, and what's the best way to go about it?
Interest rates remain at historic lows, and experts have warned of rate hikes for years. But if you're thinking about refinancing your home, there are more factors to consider than just the rate.