REGION – Summer should be spent relaxing, not stressing over finances. Maybe your home needs repairs or you’re due for a summer vacation, or maybe you’re getting ready to send a kid off to college this fall. Whatever financial situation you could use extra cash to take care of this summer, PrimeLending has refinance options that may help.
Why some people refinance
There’s no one reason to refinance; it always depends on someone’s circumstances. A few common reasons people refinance are paying for home repairs or updates, covering school or tuition costs, looking for more room in one’s budget, or paying for a dream vacation.
What’s a cash-out refinance?
A cash-out refinance lets a homeowner replace his or her current mortgage with a new one. If your home is worth more than what you owe, a cash-out refinance could help you take part of your home equity out as cash. That lump sum payment could be used however you want: for repairs, education costs, debt consolidation, or other expenses for which you may (or may not) be planning.
Not sure if a refinance is right for you? That’s totally normal. Most people don’t know until they’ve taken a look at their options. If you’re curious, reach out and PrimeLending can help you take a look.
All loans are subject to credit approval and meeting eligibility requirements. Restrictions apply. Must meet minimum equity requirements. By refinancing an existing loan, the payments and total finance charges may be higher over the life of the loan.
Submitted by Victoria Blodgett, PrimeLending, Ludlow, Vt.