Refinancing your existing mortgage can do more than just save you money each month – it can provide you with the extra cash you need to further your dreams, take a luxury vacation or pay off your other debts.
A cash-out refinance from Forthright Funding provides you with the opportunity to tap into your home’s equity by replacing your current mortgage with a new, larger one (no, the money’s not free).
Here’s just one example of how this type of loan works: Let’s say you owe $200,000 on your mortgage, and your home is worth $300,000 which means that you’ve built up a nice nest egg of equity – $100,000 to be exact.
Now, let’s say you want to remodel your kitchen which will cost you approximately $25,000. To get this money for your remodel, you take out a cash-out refinance loan for $225,000 ($200,000 to pay off your current loan and $25,000 in cash).
Tapping into your home’s equity can provide you with many benefits including lowering your existing interest rate, which may allow you to pay a lower mortgage payment, and deducting the interest rate come tax season.*
Would you like to find out if you’re eligible? Just fill out our easy to use online application. See how much you can afford and what your new monthly payments may be.
Before you start spending your home’s equity in your head, you may want to determine if this type of loan is best for your specific financial situation and whether or not those needs are short or long term.
If you’re going to be paying monthly for the next 15 to 30 years on something, you may want to ensure it’s something that will last that long. Starting a business or adding improvements on your home may make sense but buying clothing – well, not so much.
As with any financial or life-changing event you make, do your homework in order to fully understand all of your options prior to signing anything. It pays to discuss your options with one of our licensed refinance specialists – (855) 351-9522.
*For detailed tax information, please consult with your tax advisor.
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At Forthright, we will always treat you like a neighbor and not like a number. So, if you're ready to put down some roots or transplant the ones you have, please feel free to give us a call at
7047 E Greenway Pkwy
Scottsdale, AZ 85254
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