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Using Home Equity
Pay off high interest rate debt, take a vacation, remodel your home, finance a college education, or buy a new car. A cash back refinance, home equity loan or home equity line of credit can be a great way to get the funds you need. More and more homeowners are taking advantage of the investment they've made in their homes. And, the interest you pay may be tax deductible.*
A cash back refinance can be a good option for borrowers seeking a low interest rate, especially with a fixed term loan. The advantages include making only one loan payment with a possibility of lowering your interest rate on your overall mortgage debt. Recently, some higher loan-to-value refinances have disappeared from the market, or become prohibitively expensive, but if you have high equity or qualify for an FHA loan there may still be options that will work well for you. However, if you already have a low interest rate first mortgage, especially at a fixed rate, a home equity loan or home equity line-of-credit may be a better option to tap into the value of your home. Talk to a HomeStreet Bank Loan Officer about your specific situation to help you determine the right approach for you!
More Information:
For more information visit your local HomeStreet Bank branch or contact our Customer Service Department at 800-809-1377.
* Please consult with your tax advisor regarding deducibility of interest.
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