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REFINANCE GUIDE:
Manage Your Cash Flow 

Refinancing your mortgage to increase cash flow can be a smart financial move for some people. It's essential to approach this type of refinance carefully to ensure you're making the right decision for you and your unique situation. 

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 THINKING ABOUT REFINANCING? 
Cash Flow Examples

Home Renovations

Thinking about renovating your home, but aren't sure what will get you the most return on your investment? Here's the top 5 home improvements to help provide the best long-term financial return:

  1. Hardwood Floor Refinish: 147% ROI
  2. New Wood Flooring: 118% ROI
  3. Insulation Upgrade: 100% ROI
  4. New Roofing: 100% ROI
  5. New Garage Door: 100% ROI

AR Remodeling Impact Report

 

 

 

 

High-Interest Debt

If you’re feeling locked in by a low interest rate on your current mortgage, but you’re also carrying higher interest debt balances, your “blended” rate may be much higher than you think. If this is the case, it may be worth looking into your refinancing options to reduce your high-interest debt like credit cards and help with your monthly cash flow to get you back on track with your budget.

Blended Rate Table-1

 

  Explore Your Options 
Blended Rate Calculator

Loan Name

Loan Balances

Interest Rates

Total Balance: $100,000

Blended Rate: 4.5%

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YOUR HOME'S HIDDEN VALUE
Equity and Your Mortgage

Home equity is the current value of your home minus the amount you owe on your mortgage(s). Your equity can increase over time if the property value increases or if you pay down your mortgage loan balance. Equity is viewed as an asset and makes up a portion of your total net worth. It’s also an important part of building wealth and is typically considered to be a long-term strategy.

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Trending Refinance Topics

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How It Works

This type of refinance is a mortgage option that allows you to borrow more money than you currently owe on your home loan, and you pocket the difference to put toward renovations, debt consolidation, and more. 

Before finding out how much you qualify for, you'll have to get your home appraised. And it's not advised to pull out more than 80% of your home's value in cash. 

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Does It Make Sense to Refinance for Cash Flow?

We get asked all the time if a refinance to help with cash flow is the way to go. The short answer is—it depends.

Here are the top 4 things to consider:

  1. Reason for Refinancing: Common reasons typically include home improvement projects or reducing high-interest debt (like credit cards).
  2. Long-term Impact: Evaluate whether the benefits outweigh any potential drawbacks.
  3. Home Value: If your home’s value has significantly increased since you purchased it, a refinance might make more sense.
  4. Future Plans: Think about how long you plan to stay in your home. If you’re planning to move soon, it may be worth looking into other options.

It's important to note that refinancing for cash flow can result in a higher monthly mortgage payment and increased overall debt, so it should be considered carefully and with a clear understanding of the associated costs and benefits.

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How to Build Wealth in Your Home

When it comes to building lasting wealth, equity is key, and real estate investments offer just that. You can gain equity two ways:

  1. Over time, your home increases in value
  2. You pay down your mortgage principal each month through your mortgage payments. Each time you make a payment, you gain more equity in your home.

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