Pull Cash from Your Home
Should I pull cash out on my mortgage refinance?
That's a good question, and a difficult one for many people to decide. Pulling cash out on your mortgage can be done for many purposes, and if the money is used wisely, a cash out refinance can be a very good financial decision.
There are four main reasons why our clients pull cash out of their home equity:
1. Pay off other debts
Paying off your other debts by using your home equity can be a huge relief on your monthly budget. The idea of spreading out your debt over 30 years may not seem appealing on the surface, but the peace of mind to have most or all of your other debts paid off, and be left with only a mortgage payment, can be a huge stress reliever.
2. Pay for a remodel or other home improvement
This is a very common use of home equity. There are two ways to finance home improvements. One way is through a home equity line of credit or HELOC. HELOC's are OK, but have the riskiness of being an adjustable rate loan from the very first month. If rates go up, your payment will go up right away!
The other solution is a cash out refinance, where we restructure your current loan and pull out the funds you need. This is a more secure way to do it because you can lock in a long term fixed rate. However, you will want to make sure of your budget before closing on the cash out loan because if you need more money to complete the remodel, you cannot borrow more on the mortgage loan.
3. Make other investments
Mortgage debt can be obtained at a low rate, and it is tax deductible for most people. A savvy financial planner will advise to pull out your home equity to invest in the markets, because you can make a much better rate of return on your money than it costs to borrow it. Be careful with this strategy. You will want to make sure you have a sound and stable financial plan before you invest your equity in the markets.
4. Pay for a large ticket item
Sometimes it is necessary to pull cash out to pay for a large ticket item such as a wedding, vacation, or college tuition. This is another good use of home equity if there are no other solutions.
To find out how much cash out you can qualify for, give us a call at 720-598-0506 or email us at firstname.lastname@example.org. Your trusted and experienced cash out refinance mortgage lenders in Colorado. We are here to answer your questions, even right now (try it!).
We had a great experience with AMG overall. Because of some outside circumstances they were more than willing to go the extra mile in making sure that funding went without a hitch. Communications were always prompt and the online document signing was easy and straightforward.
I never plan to move again but if I did I wouldn't hesitate to go back to Mr Beattie.
Yes! We would definitely use this team again any time. The entire team was extremely helpful in every aspect an step. Jeff and his team was always available to answer any questions. Checking and double checking our documents and crunching numbers within record times during the actual looking stages of a home to find the right one. This team didn't stop till we signed our closing documents. Loved them!
We couldn't have done it without Jeff, Anne, and Brenda. They stayed on top of everything throughout the whole process. We'd definitely recommend them!
Absolutely loved working with Jeff and Anne. They are so knowledgeable and personable. They are available on evenings and weekends to answer all questions. My realtor was horrible and they pretty much assumed the role of realtor and mortgage broker. I have referred them to friends and will continue to do so. Amazing experience!
Jeff Beattie and the entire Alliance Mortgage Group team were professional and responsive throughout the refi process. Special circumstances required increased attention to detail which they managed competently and built my confidence in their team. They will get my exclusive referral for anyone looking for a business with a professional and personal approach when needing to refinance.
The team at AMG were so helpful and knowledgeable about everything we needed to make sure this refinance went smooth! Jeff and his team were there every step of the way to ensuring all my questions were answered and I was completely comfortable with the process. I wouldn't use anyone else to handle or mortgage needs.
We were purchasing a second home in the mountains and had a couple complications with the seller which turned a routine process into a difficult one. Jeff was there every step of the way with us. He and his team were so helpful and knowledgeable about everything we needed to make sure the deal went through! They also were very easy for our real estate agent to work with as well. They provided the documentation needed quickly and were extremely thorough to make sure we hit our deadlines. Without AMG Lending and their hard work our deal would not have happened. We thank Jeff and his team for going above and beyond. We wouldn't use anyone else to handle or mortgage needs and refer everyone we know looking to buy a home or refinancing.
Jeff and his team were completely amazing! I came in needing funds, and Jeff was able to assist with my difficult situation with apparent ease. I absolutely cannot recommend him and his team enough. They were extremely friendly, kind, and efficient. Thank you!!
My husband and I used Jeff Beattie for our refinance. We have refinanced previously and I have never seen such professional and comprehensive service. He explained the process completely from the start and kept us advised as to each step in a timely manner. Whenever we had questions, he promptly responded and made sure we understood all of the details involved and explained in fully comprehensive and comprehensible manner. The refinance was completed in a reasonable time frame and he was most courteous and knowledgeable. I would not hesitate to recommend Jeff.
What an amazing group of folks. So knowledgeable, professional, awesome customer service, prompt follow up, getting the best in all services, friendly...they were top notch all the way around
Every point of buying our home went so smoothly, without a hitch! Thank you so much for helping us buy our dream home! We would recommend Jeff to anyone!