A recent borrow we worked with decided to complete a cash out refinance so he could finish his basement remodel and other home renovations that his wife had been bugging him about for years.
He started out in a VA loan with a great rate of 3.625%. We were able to drop his rate to 2.375% and pull $75,000 cash out.
He was able to use the money to complete all of their home renovations before the new year. But the best part about the refinance was that even though his loan amount increased by $75,000, his monthly payment only went up by $19 per month because we were able to drop the interest rate so much.
Another great bonus of a cash out refinance is that if interest rates have dropped since you took out your original loan, a cash-out refinance could also lower your mortgage rate at the same time.
If you are not sure if a cash out refinance is right for you, give us a call! We can help you explore your options and see what refinance option would be best for your situation.801.206.4343 | NMLS # 888979