Your equity, put to work.
Replace your mortgage with a larger one and take the difference in cash — for renovations, debt consolidation or the next investment.
Consolidating a 22% credit card into a mortgage at a far lower rate can transform monthly cash flow. But you're also moving unsecured debt onto your home and potentially stretching it over thirty years. Lower payment, more total interest — both things are true, and you should see both numbers before deciding.
If your existing first mortgage carries a rate well below today's market, refinancing the whole balance to access equity can be an expensive way to get it. A second lien or HELOC leaves the good first mortgage alone. I'll run it both ways.
Consolidating works when the underlying spending has stopped. If the cards fill back up, you've converted unsecured debt into a claim on your home and kept the balance. That's a conversation worth having up front.
Fifteen minutes and you'll know — including if the answer is a different program entirely.
Conventional cash-out typically maxes near 80% of the home's value. VA cash-out can go higher for eligible borrowers. Investment properties are usually more conservative.
Loan proceeds generally aren't income. But this is a tax question and I'm not a tax professional — confirm with your CPA before relying on it.
If your current first mortgage rate is much lower than today's, a HELOC or second usually wins because it leaves that rate untouched. If rates are similar, cash-out is often simpler and cheaper.
Fifteen minutes on the phone will tell you more than an hour of reading. No pressure, no obligation.