Do you have a long “To-Do” list preparing for a new baby? If getting a cash-out to refinance is one of them, read on to discover the advantages and what you can do with this type of home loan.
#1 Remodeling for Baby & Increased Equity
- Add a nursery to your home instead of moving to a larger place, an extra 300 to 500 square feet can make a small home much more livable.
- Remodel your existing home to make it more kid-friendly. Consider opening the floor plan and possibly adding an extra bathroom.
- Upgrade the backyard and create a kid’s area. The baby will be using it before you know it!
- Ensure your laundry room is large enough and has an efficient floor plan. You’ll be washing lots of clothes and linens!
#2 Lower Your Payment for Better Cash Flow
Whenever you’re considering refinancing, whether you’re getting cash-out or not, it’s great to snag a lower interest rate and save money.
If you’ve had your loan longer than a few years, there’s a good chance you could get a lower rate. Ask your Homestead loan officer for your options.
#3 Eliminate PMI to Save Even More
If you still have private mortgage insurance on your loan, that’s another good reason to refinance. By getting a new mortgage that doesn’t require PMI, you could save $100 or more a month.
Whether you need extra cash for the new baby or have other uses for the money, the team at Homestead is here to help. Reach out today, and in just a few minutes, you can learn about your options.
We’re Here to Help You Prepare for the Baby
The team at Homestead Financial Mortgage is here to help you with your mortgage needs – and we understand the financial strain when preparing for a new baby. We’re here to help.
We can close a refinance in 30 days and a purchase loan in as little as 14 days. Contact us today, and in just a few minutes, you can learn about your options.
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