Is it time for a Cash-Out Refinance for Your Arizona Home?
There was a reason you purchased your home. Whether location, school district, square footage, or a combination of these and other factors, you love your home. If you’ve lived there any length of time, there are likely renovations on your wish list. How do you pay for home improvement projects and still cover monthly expenses? It may be time to consider a cash-out refinance for your Arizona home.
- Call us to find out the current interest rates being offered. If rates are lower than your current interest rate, it may be a good time to refinance. A rule of thumb is if the interest rate is 50 basis points or a half percent lower, you should get significant savings by refinancing.
- If you are planning to stay in your home for 3-5 more years, cash-out refinancing to lower payments may make sense. Because of refinancing costs, you would need to stay in the home long enough to see savings offset the costs.
- Improved credit and cash. If you are earning more money since you closed your first mortgage, cash-out refinancing may give you a better interest rate and lower monthly payments. Putting cash down on a refinance will also lower interest and thus the cost of the loan over time.