Money Matters: What are some options when you need extra cash?

It goes without saying that making money, spending money and thinking about money takes up a substantial portion of our lives. I think it is safe to say, that most people would like to have more money. Money helps shape the contours of our day-to-day lives. It dictates where and how we live.  What and how much we buy and, to some extent, our position in the social order. Money is also intimately linked with our inner lives. Its presence, or lack thereof, has profound physical, mental and emotional repercussions. Perhaps in more ways than we would like to admit, money has tremendous power over us.  It’s very rare for someone to never have money problems.  Trouble happens: jobs disappear, marriages fail, people get sick and bills pile up.  No one is immune, but if you own a home there is definitely hope to get the extra cash and insurance protection that you need.

How do you get cash out of your home? –  You can refinance your home to gain access to Equity. To get ‘equity’ out? Sounds strange, but all ‘equity take out’ means, is that you’re getting ‘cash out of your home’.  If you partially own your home (so you have a mortgage on it that’s somewhat paid-off) – when you refinance that house of yours, you can get some, or all of the amount that you paid-off on your mortgage back in your pocket in cash.  Or, if you completely own your home (so you don’t have a mortgage on it at all) – you can refinance your home to get an amount of money up to 80% of your home’s current sale value. In cash!

It’s even possible to get more out of your home real estate than you thought, just because its value might have gone up and you didn’t know it.  With cash out of your home , you can make new investments (interest tax deductible), or simply buy some things you need. And, if you’re in a tough spot financially, accessing home equity can help ease your financial strains.

You can consolidate your debt – When you refinance your mortgage to debt consolidate, you’ll get rid of one or more ‘debts’ (like bank loans, car loans, credit cards etc.) and pay all of them off with your new mortgage.  So, instead of multiple debts, you’ll have one easy-to-pay mortgage! It is less stressful to attend to a single mortgage payment each month, than to have multiple bill due dates buzzing around in your brain all the time.  By refinancing your mortgage for debt consolidating you will also save money in interest. Credit card rates, bank loan rates and car financing rates can be much higher than mortgage rates.  By consolidating your bills into one easy mortgage loan payment, you could save tons of cash with a lower interest rate.

You can get a handy Line of Credit  – Refinancing your home could give you a Line of Credit which is an amount of money made available for you, to borrow from, whenever you need it. It can act as a safety blanket for you in case of financial emergencies or help with renovations or major purchases. You can get a Line of Credit far cheaper than you can get a regular Line of Credit from a Bank. So get a Line of Credit today!