Has your home's value increased since you first obtained your mortgage? If so, you may qualify for a cash-out refinance, a unique lending program that offers you the opportunity to unlock your home’s equity. This option allows you to:

• Access Cash at Closing: Receive a lump sum that can be used for various financial needs.
• Reduce Monthly Bills: Lower your monthly expenses by consolidating higher-interest debts into a single, manageable payment.
• Consolidate Debts: Simplify your finances by merging multiple debts into one loan, potentially saving you money on interest.
• Renovate or Repair Your Home: Invest in upgrades or necessary repairs, increasing both your home’s value and your comfort.

With the current economic climate, you might miss the chance to tap into this valuable resource. Property values reached all-time highs in 2022, but with rising interest rates, there's a risk that home prices may begin to decline. If that occurs, your available equity could diminish, making it harder to access the funds you need.

To qualify for a cash-out refinance, you'll generally need to meet the following criteria:

• A credit score of around 550 or higher.
• The ability to borrow up to 80% of your home’s appraised value.
• A Debt-To-Income (DTI) ratio of less than 50%.

Take advantage of this opportunity to enhance your financial well-being while it’s still available!