Top 5 Benefits of Cash-Out Refinancing in Kansas City Your home loan gets replaced with a new mortgage with a cash-out refinancing loan. This enables you to take the equity in your home and turn it into cash. In other words, you’re borrowing more than what is owed on your home and taking the difference out in cash. As a result, homeowners can realize the following benefits: • Cash-out refinancing provides an access to cash that can be utilized as you see fit such as paying for home improvements, school tuition, a wedding, etc. • It will boost your credit score by allowing your credit utilization to decrease when you pay off those high interest credit cards. • Qualifying for cash-out refinancing is easier because you already own your home, have made you monthly payments on time, and the value of your home has increased. • Unlike the interest on your credit cards, mortgage interest is tax deductible. This enables you get larger income tax refunds when filing your taxes by reducing your taxable income. • You can save thousands of dollars in interest by consolidating your debts with a cash-out refinance. If you’ve been considering refinancing your home, speak with a mortgage broker today about a cash-out refinance. https://www.google.com/maps?cid=11762440658982302319