Friday, July 5, 2019

Should I refinance my mortgage to get cash out for home improvements, travel, or investments?

Eiffel tower and fireworks

Many of us have lots of our net worth tied up in our homes. Sometimes we wish it was easier to access that equity for something fun: travel, room addition, starting a business, invest somewhere with higher rate of return or more liquidity. 

You could borrow on a credit card or take a HELOC, but these have higher, even much higher interest rates.

Since the only way you can borrow money at 3.75% interest or less (as of rates when this was written) is through a mortgage, there are plenty of great ways to manage your finances through a new loan. However, there is a cost to taking out a new loan, so the cost of the loan should be considered along with the better interest rate.

You also want to consider that a student loan, car loan, or even credit card can be paid off in a very short time, thereby reducing the overall interest paid compared to paying for something over a 30-year time span. 

You might want to talk to Bill Rayman about your plans. He has tons of experience working with folks just like you that are weighing their options and trying to decide which is the smartest way to manage finances and still have the money to do fun things. 

Call Bill today at (424) 354-5325  

Check out his website at or see his reviews at,1,,,


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