Finance Your Dreams With a Cash-Out Refinance

 Many homeowners use the cash they receive from their cash-out refinance to pay off other debt. This is especially beneficial if the other debt has higher interest rates than the refinance loan, and removes the need to worry about various monthly payments, as all the debt is consolidated into one loan. Mortgage interest payments are also typically partially tax-deductible, providing an even greater benefit for the homeowner.

 Using the cash from cash-out refinancing for home improvements, such as a home renovation or expansion, is also common. If you get a low enough rate, you may even be able to reduce the overall cost of your loan and cash out without increasing your mortgage payments.