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6 Reasons to get a Cash Out Refinance

Mike Chissell, Trusted Mortgage Advisor • Mar 04, 2022

With the value of homes skyrocketing over the past couple years, homeowners have more equity now than ever! Having that equity to you is a great benefit, as it allows the flexibility to potentially tap into your home's value in order to accomplish other financial goals. Here are 6 reasons how a cash out refinance could benefit you. 


Home renovations are a great idea for those who want to increase the equity of their home and while also increasing its functionality or looks. Home renovations can be a bit pricey, so pulling equity from your home to pay for your renovation is a wonderful option. Not only will you have a better looking/functioning home, but you’ll also be gaining some sweat equity! 


You now have a wonderful house that you just finished renovating, but in the process you racked up your credit cards.  You don’t want to get caught in a debt loop where you now are paying 22% interest on your card balance, which only covers the interest payments. A cash out refinance would allow you to consolidate your debt at a much lower, much longer timeframe. This allows you to actually get rid of the debt, instead of becoming a slave to it. 


Maybe your house is fully renovated and you have no debts to pay off. You may now be looking for extra income sources to set yourself up for retirement in the future. Three great options would be to tap into your home's equity to invest, to buy an investment property, or to start a business. Getting money out of your home at around a low rate with solid credit to invest in the S&P with a return of on average 10% is a great play. You are getting money out of your home with no upfront cost to make more money for you. Also pulling money out of your home to purchase an investment property with a 15% down payment can also be a great financial play. A source of consistent income every month that allows you to gain equity in an appreciating asset, while someone else pays your mortgage payment is something many financially savvy people do. If you are starting a business, typically you need some starting capital. Doing a cash out refinance on your primary residence, in order to pull funds to start your business can be a fabulous option! 


Are you not interested in making money and are just looking to relax on the beach? Getting a cash out refinance to put a down payment on a second home is a great idea. To have a second home that you can use for vacations a few months out of the home and then rent to friends or family or Airbnb the rest of the year is awesome.


So here are some great options for you homeowners out there to use the money in your home to make you more money or just make your life better.                                



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