Mortgage Services for Minnesota and Wisconsin

MAXIMUM CASH OUT REFINANCE

For many people, their home is their biggest investment and a source of savings. When your property value is worth more than the balance of your loan, you have equity. A "cash-out refinance"  takes the equity you have established and allows  you to use it to: consolidate debt, buy a new car, pay for college , purchase a vacation home, make home improvements to increase the value of your home, or take a long needed vacation. With a cash-out refinance, you can get the money you need from your home equity by refinancing your current mortgage.

If you use the extra cash taken from from the equity you have accumulated to pay off higher rate loans you can save money, and as an additional bonus mortgage loan interest is tax deductible. For example,  let's say that you are carrying a $15,000 car loan at 10% and making minimum payments on a $10,000 credit card balance at 17%. Your monthly payments on those debts would total $680. Then assume you refinance your mortgage, taking an additional $25,000 to pay off your car and credit card loans. Result: At 7.5%, your additional monthly mortgage payment would total only $175, so you would come out $505 ahead ($680-$175=$505).  

At Pro-Action Mortgage we will get you all the cash you need  !!!