Consolidate Debt or Get Cash

You can tap into the equity in your home by refinancing and taking out monies needed for improvements to your home. During the slowdown in the housing market this has been a popular option to using money to add true value to your home (such as updated the kitchen, flooring, bathrooms). Proceeds from a Cash-Out refinance is non-taxed.

You may also be able to save even more if you use your refinance proceeds to pay off credit card or other installment debt. Remember, mortgage interest is usually 100% tax-deductible, and interest on consumer debt is not.