With home prices higher than ever across Orlando and Boca Raton, it’s the perfect time to take advantage of the equity in your home. With interest rate expected to rise, you’ll save more by acting sooner, rather than later.
Why are so many homeowners refinancing their mortgage?
Homeowners are refinancing their mortgage to save money, consolidate debts, lower their monthly payments, and to take cash out of the equity in their home.
There are many Benefits of cash out refinance
Lower interest rates
The most common reason to refinance is to get a lower interest rate. If your mortgage rate was higher when you originally purchased your home, refinancing can giver you a lower interest rate.
Lower monthly payments
A lower interest rate also means lower monthly payments. This will give you more money every month for other financial needs, combat inflation, pay medical bills, or even take that long awaited vacation.
Dept consolidation
Refinancing can give you the money needed to pay any outstanding debts. You can save thousands of dollars in interest by paying off high interest credit cards or loans
Home Improvements and renovations
From a leaky roof to a broken air conditioner, upgrades are a part of ownership. By refinancing you can use the equity in your home to fund home improvements or renovations. These improvements will also increase the value of your home.
Increased credit score
You will be able to increase your credit score by reducing your credit utilization. You will have more credit available to use and cash to pay off any debt. This will also have a positive impact on your credit score.
Tax deductions
You can also deduct your mortgage interest on your taxes if you use the money from refinancing to build, purchase or improve your home. Projects eligible for these tax deductions include construction of a fence, security system, replace windows, construction of a new bedroom or bathroom, improvements to your roof, or projects that add value to your home.
Are you ready to refinance your home?
Working with Palm State Mortgage Company is easy! We will find you the best rate and save you money with our personalized team. We will walk you through the entire process to find the best solution for your situation. It just takes a few minutes to fill out an application and you can start saving!
