"Cash Out" loans are loans against your home’s equity. The
amout a homeowner has available is calculated by subtracting the home’s remaining balance from the home’s current market value.
There are countless reasons people use cash out loans, but some of the more common uses are:
- Home Improvement / Adding more room onto your home
- Paying off bills
- College expenses
If you are a Dave Ramsey listener, you know that Dave says to avoid cash out loans on your home.
He encourages you to have an Emergency Fund that you can draw on when needed, and avoid tapping the equity in your home.
That is a great rule to follow, and we encourage everyone to have an adequate emergency fund to protect your family should any unforeseen event put you in a situation where you need cash fast.
If you do not have an adequate Emergency Fund or other resources, then utilizing the equity in your home may be one of your only options, so please discuss your situation with one of our qualified loan specialists today.
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One Of The Largest Financial Decisions Of Your Life
When you are making one of the largest financial decisions of your life, you need to work with someone that is willing to spend time with you to help you understand the process and your options. No matter your experience level or your financial picture, you still need a caring, knowledgeable professional that keeps up with the changes that regularly occur in the mortgage industry.
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