A reminder to veterans who own their homes: Equity can be converted to cash through the “VA Cash Out” program.
“[It] allows veterans to take out 100% of their equity of their home, up to 100% loan-to-value to consolidate debt, lower their overall monthly payments and even do things such as home improvements, which are very common reasons why veterans call us today,” says Derrick Krout, senior vice president at Freedom Mortgage.
Krout, who helped bring this program to Freedom Mortgage, says the market has changed in the last three or four years.
“Interest rates have come down, home equity is back on the rise, and in this kind of market, 50% of our current business happens to be VA customers looking to take cash out for debt consolidation [and] home improvements.”
Here are a few reasons why veterans should consider cashing out home equity:
* Lower monthly payments
* Consolidate high-interest debt, like credit cards or student loans
* Lock in a low rate by moving your adjustable rate mortgage to a fixed rate.
* Pay off your mortgage sooner or reduce monthly payments by changing your term
* Make home improvements or repairs
* Pay for major expenses like a new car, tuition, a wedding or vacation
* Potentially qualify for tax savings (consult with your tax advisor)
Speak with a Freedom Mortgage “VA Cash Out” expert at 800-601-0770.
907 Pleasant Valley Avenue | Suite 3, Mt Laurel, NJ 08054 | Lender: NMLS ID: 2767