Access your home’s equity
Use the equity you’ve built in your home to:
- Consolidate debts.
- Do some renovation.
The amount you’re able to draw on your refinance usually depends on your home’s value. You’ll generally be able to get no more than eighty percent of what your home’s market value, but that can vary depending on your circumstances.
Simplified payments
If you consolidate multiple debts into one mortgage payment, you can simplify monthly payments and potentially lower overall monthly payments.
Financial benefits
If your credit score or financial situation has improved since obtaining your original mortgage, you may qualify for a lower interest rate on your new loan, saving you money in the long term.
