What can you do with your home equity?
Homeowners often refinance an existing mortgage to obtain a lower interest rate, but there's more to refinancing than just lowering your rate.
Here are a few possible benefits of refinancing1:
• Switch to a fixed rate loan — Change from an adjustable rate mortgage (ARM) to a predictable fixed rate mortgage.
• Reduce your loan's term — Shorten the term of your loan to pay off your loan more quickly.
• Cash out — Use equity in your home to take cash out for home improvement projects.
• Remove mortgage insurance — A new loan program may not require monthly mortgage insurance.
Interested in a cash out refinance2? You can access your home equity to:
- Finance home improvements to increase the value of your home
- Help cover the cost of education
- Consolidate or pay off other debt
- Take a once in a lifetime vacation
- Buy a second home or investment property
Ready to Refinance?
Not ready yet or have additional questions? Talk to a local Mortgage Consultant.
1. By refinancing an existing loan, your total finance charges may be higher over the life of the loan.
2. Prosperity Home Mortgage, LLC is not a financial advisor and cannot and is not offering financial advice. Please consult a financial advisor or certified public accountant to determine what the tax implications of refinancing real estate may be.