One way to do this is to perform a cash-out refinance.This type of refinance allows you to turn the equity you’ve built up in your home into cash that you can use for whatever you like.You should also consider the length of your mortgage.If you’ve already paid several years off your mortgage, you probably don’t want to extend it to 30 years again.
But if you can move debt that costs you 13.66% to a vehicle that charges you only 3.71%, you can effectively give yourself almost a 10% return on your money.
On a 0,000 mortgage, that would be ,500 annually.
To calculate your current loan-to-value ratio, divide your current mortgage balance by the approximate value of your home.
You’ve probably noticed how low mortgage rates have been during the past few years.
The 30-year mortgage rate hit 3.31% in November 2012, the lowest rate in history.
No one likes to have credit card debt, but plenty of consumers have accumulated too much of it over time.