It’s that time of year again. The holiday bills are starting to sink in and you are DREADING the credit card statements arriving in the mail. It’s time to pay the bills for an extravagant holiday season and you’re stuck with a big one. A Cash-Out Refinance is your way out.
A Cash-Out Refinance can help you get away from those high-interest credit card bills once and for all, and let you pay off the balance at a much lower rate. A Cash-Out Refinance will consolidate your debts using the equity in your home. Thanks to home values being so high and interest rates so low, you can use this opportunity to get out from under the thumb of the credit card companies.
A Cash-Out Refinance works by taking the equity in your home and letting you borrow against it. For example: if your home is worth $300,000 and you owe $150,000 still, you have $150,000 in equity, equaling 50% of the home’s full value.
You want to try to keep 20% at least in the house after the refinance, so that leaves you with $90,000 that you can borrow.
You would then take out a loan for $240,000 (the $150,000 that you owe, plus the $90,000 you are borrowing) and get a $90,000 dollar check at the closing.
Since rates are low, this is a very effective way to clear up high-interest debt with lower payments.
Don’t let this opportunity pass you by! It’s vital that you take this chance to get yourself back to zero on credit card debt, because interest rates are volatile and can change with the market. Stop paying credit card companies this year and give yourself a raise with a Cash-Out Refinance.
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