Refinancing your mortgage replaces your current loan with a new one. If you have enough equity in the home, you can get cash in the process. In that case, you will have done a cash-out refinance. Like in most other places, Georgia cash out refinance requires you to have at least 20% equity in your home. That means you should have some build up equity in the property. Want to learn how to increase the value of your house? Moreira Team can help. Talk to us today.
While getting cash is a good enough motivation for doing a cash out refi, the primary reason should be to lower your interest rates, insurance charges and by extension your monthly payments. With the new mortgage comes a new loan with current market rates and insurance premiums (not the ones you took out the loan with). Currently, Georgia’s interest rates are in the 3.4% region, only comparable to the 2012 and 2013 averages (3.64% and 3.8% respectively). So if you took your mortgage any earlier than 2012, it is worth considering a cash out refinance.
Ultimately, on top of the need for cash and lowering interest rates, your decision should be based on a variety of other factors like expected interest rates, the amount of equity in your home and how long you plan to live in the house. In Georgia refinancing attracts closing costs, so you should ensure that you can breakeven (pay the refinance costs without incurring a loss) while still in the house.
Does it make sense to do a Georgia cash out refinance now? Let our experts at Moreira Team do a comprehensive analysis for you. We will consider all the factors and give you a quote showing how much you stand to get in cash and how much lower your monthly payments can go.
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