If interest rate fluctuations make you uneasy, why not take advantage of a cash-out refinance to replace your current mortgage? Not only can you get a fixed rate, but you'll also have extra cash to pay for expenses. Let's dive into the top reasons for considering a cash-out refinance in your situation:
Cash On Hand. With a cash-out refinance, you can spend the money any way you want to. Whether it's for a college education, a home renovation, or a family getaway, refinancing can help you get the money you need.
Pay Off Other Debts. With mortgage interest rates lower than credit card rates, it may be a good idea to use the money from a cash-out refinance to pay off your credit card bills.
Improve Your Credit Score. When you decide to use your cash-out refinance money to pay off your high-interest credit card debts, it can impact your credit scores by lowering credit utilization.