Take advantage of the equity you’ve built over time with cash-out refinancing from Blackmon Home Loans in Las Vegas. You’ve worked hard to pay down your house, now put some of that money to work for you.
- Lower Interest Rates Than Many Types Of Loans
- Longer Repayment Periods Than Other Types Of Debt
- Borrow Up To 80% Of Your Home’s Equity
- Choose A Fixed Rate Or Adjustable Rate Mortgage
- No Restriction On How You Spend The Money
- May Be Tax-Deductible
Why Consider A Cash Out Refinance?
There are many reasons to consider refinancing your home in a way that leaves you with a lump sum of cash to use as you please. You can increase your credit rating by paying off or down debt, free up cash by eliminating high-interest loans or free up money to invest. You don’t need a second mortgage to pay off your student loans, replace your roof, or add on that mother-in-law apartment after all.
- Pay Off Credit Cards & Personal Loans
- Avoid A Second Mortgage
- Make Needed Repairs Or Improvements
- Consolidate Or Eliminate Debt
- Improve Your Credit Score
- Free Up Money To Invest
How To Qualify In Las Vegas
Qualifying for a cash-out refinance in Nevada is similar to qualifying for your typical mortgage. Lenders will look at several factors to make sure this type of funding is right for you.
- Credit Score
- Debt To Income Ratio (DTI)
- Equity Accrued In Your Home
- Appraised Value
Cash Out Refinance Vs. Home Equity Loan
You get cash relative to how much your house is worth and the equity you’ve built up. So, how is cash-out refinancing different from a home equity loan?
- With cash-out mortgage financing, you replace your existing mortgage with a new one for a higher amount.
- With both equity loans and lines of credit, you are opening additional mortgages with no, or low, closing costs.
- When choosing between these home loan programs, your best bet is usually the one with the best interest rate.
- If you qualify, cash-out refinancing will often offer better interest rates.
Refinance Your Las Vegas Home Today
Make sure you’re considering all the options when it’s time to refinance your Las Vegas home. Let the Nevada mortgage lenders at Blackmon Home Loans help you apply for a cash-out refinance and answer your questions about the interest rates, loan terms, and cash-out amounts you qualify for. Contact us today.