Mortgage Refinance Should You Take Out All Your Equity?
As more lenders offer the option to borrow 100percent of the value of property, homeowners are finding themselves faced with the question of how much they should borrow. This is especially true if youve established some equity in your home and are now looking toward a mortgage refinance. So should you take out a loan that equals 100 percent (or more) of the value of your home? Weigh your options before you make this decision.
The fist thing to consider is why you would want to refinance at 100 percent. Do you have a good use for the money or would it just be nice to have it? If youre looking at buying something or paying off something, that home equity could be put to good use and the mortgage refinance at 100 percent of the value of your home could be a great idea. For example, if you have accrued significant credit card debt, youre probably paying several hundreds of dollars each month in fees and interest. Paying the minimum monthly payments will hardly even make a dent in the amount owed and youre likely going to pay thousands over the course of the debt. Instead of plodding along with those monthly...
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