One of the best benefits of home ownership is the ability to use the equity in your home to meet your personal financial goals. Vertex Financial Group has many tools available to help you take cash-out from your home’s equity.
Possible accomplishments of taking cash-out:
- Pay off high-interest consumer debt
- Make needed repairs or upgrades to your home
- Pay for your children’s higher education
- Start your own small business
- Set aside money in case of emergency
- Leverage your money to buy additional real estate
- Take your family on that once in a lifetime vacation
- It’s your money, you can use it for anything!
There are three main ways to access the equity in your home. The option that is best for you will depend on several factors such as: how much cash you are seeking, how long you intend to live in the home, credit profile, and the interest rate on your current 1st mortgage. Your personal Vertex Loan Advisor will guide you through these options to best meet your goals. Here is an overview of possible options:
New Fixed Rate 1st Mortgage
- Take out a new loan for a larger balance than your current loan and net the difference in cash
- Pays off your current 1st mortgage
- Results in only 1 mortgage on the property
- Make one payment every month
- Vertex’s innovative Lender Credit Paid Loan Cost approach can be applied
Add a Fixed Rate 2nd Mortgage
- Keep your current mortgage without changing your rate and payment
- Add an additional loan equal to the cash you want to receive
- Terms available from 10 to 30 years
- Fixed rate, payment never changes
Add a Home Equity Line of Credit
- Keep your current mortgage without changing your rate and payment
- Add an additional loan equal to the cash you want to receive
- Flexible loan, borrow as much or as little as you want up to the max available
- Pay interest only on the amount you borrow
- 10 year draw period with interest only payments followed by 20 year repayment period
- Variable interest rate
Contact your personal Vertex Loan Advisor for more information about taking cash-out from the equity in your home. We promise no sales pressure, just an objective review of your options to help you make the best decision.
