Have you been thinking about a big purchase, like a relaxing vacation home, home-improvement project or a new car? If so, you may be able to use the significant equity in your home to your advantage, while lowering your monthly payment at the same time. By exploring Cash-Out Refinancing with SunTrust Mortgage, you can walk away with new loan terms, as well as funds you can put toward a major expenditure - or an investment opportunity.
Cash-Out Refinancing1: What you need to know
- You can use the funds to make home improvements that add value to your property, pay college tuition, buy a vacation home or pay off high-interest credit card debt - just remember to pay any new credit card balances in full and on time to get the full benefit of debt payoff.
- Interest rates can be lower in a cash-out refinance than on a home equity loan, home-improvement loan or business start-up loan.
- Rolling your high-interest debt into a mortgage payment can yield tax benefits.2
- Discuss closing-cost fees for cash-out refinancing with your loan officer.
- Consider how a cash-out refinance will affect timing for paying off your mortgage3.
Call 877.907.1012, email us or find a loan officer to learn more about Cash-Out Refinancing with SunTrust Mortgage.