I don’t know where you are as you read this, but right here, it’s HOT. The only solution for a hot summer is a pool, and with social distancing in place, having your own pool is a game-changer. That’s why a cash-out refinance in Alabama to put in a pool is the best choice you can make if you have equity in your home.
A cash-out refinance in Alabama takes the equity that you have built in your home by making payments and the home’s value increasing, and lets you take out a new loan against it. You can then take this low-interest money to do anything. Options include paying off credit cards, making large home repairs, and adding new improvements to your home. There is no limit to what you can spend your money on.
With interest rates as low as they have been in years, it’s the perfect time to use that hard-earned cash in your home to turn your home into the neighborhood hotspot with a brand new pool. You’ll be the envy of your block as you swim in your new pool, and you won’t pay as much in interest as you would if you put the project on credit or a loan.
A cash-out refinance in Alabama is a great way to both refinance your mortgage and borrow money. There are some caveats though. You want to make sure to keep at least 20% equity in your home for starters. If your home is worth $250,000 and you still owe $150,000, you have $100,000 in home equity, or 40 percent of the value of the home. That leaves you at $50,000 that you can borrow before you get back below that 20% mark and have to include PMI (Private Mortgage Insurance) in the equation.
You’d take out a new loan for $200,000 (the $150,000 that you owe plus $50,000) and at closing, you’d get a check for $50,000 at the close, not including the closing costs.
When market rates have dropped, as they likely have since you bought the home, while your home has risen in value, you can take out more money from your home.
If you use the funds to buy, build or improve a home, you can deduct mortgage interest paid on loan principle up to $1 million for a couple. The best part? When you take out a cash-out refinance in Alabama from us, you can skip two full months of mortgage payments!
Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.
The Mike Carey Team – Offices Located in Foley and Orange Beach
316 McKenzie St., Suite 118
Foley, Alabama 36535
27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561