A cash-out refinance mortgage loan is where you refinance your existing loan and, at the same time, convert your available equity into cash. You could qualify for as much as a 90% LTV (loan-to-value) mortgage!
The great thing about refinancing your home and using it for a summer home makeover is you can increase the value of your property. Some great ideas of what you can do with the cash from your refinance loan include:
- Enclose your backyard with a privacy fence.
- Enclose your patio.
- Renovate your patio/deck.
- Build a covered outdoor kitchen/entertainment area.
- Get a new garage door.
- Add a new room to your home.
- Install an in-ground pool.
- Finish your basement and turn it into a man cave, game room, playroom, or she-shed.
- Have solar panels installed on your
- Get new energy efficient windows installed.
- Increase the amount of insulation in your home.
- Remodel your kitchen with new cabinets, countertops, and energy-efficient appliances.
- Renovate your bathroom and turn it into your own personal “spa.”
- Get a new tankless hot water heater installed.
After all the makeover projects are completed, you can even use part of the cash you receive to take a much-needed vacation!
One of the great things about refinancing, compared to using credit cards or other loans, is you have a single monthly payment with a fixed interest rate. To learn more about refinancing your home and getting cash out for your summer home makeover, please feel free to contact Elite Financial at (805) 494-9930 today!