Cash-Outs, Part 2: Why you should consider a VA cash-out even if your interest rate increases

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Video Description:

Getting a lower interest rate on your mortgage can save you a lot of money. But did you know that, in some instances, taking a higher mortgage rate can also help you save?! It might sound counterintuitive, but it's true—especially if you're carrying high interest debt.

Even with mortgage rates currently rising in 2022, a 4 or 5% home loan is obviously much better than a 20% interest (or more!) credit card that compounds *daily*. Consolidating all of your debt into a lower rate with a cash-out refinance can really improve your monthly cash flow and remove the sting of inflation.

And though it might be a shock to see mortgage rates so high after years of 2–3% rates, they're still much lower than almost any other type of loan. Basically, you're able to get a large chunk of change for relatively cheap. Besides, you can always refinance your home again when rates go back down.

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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.