Wipe Out Debt With A Cash Out Fha Refinance Loan

By Author: Spencer Llewellyn
Total Articles: 3764
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With an FHA Cash Out Refinance, you access up to 95% of your homes equity to wipe away your high interest debt and give yourself a fresh financial beginning.

There is no incentive to delay. With today's really low FHA mortgage interest rates, it might to be workable for you to pay off all of your high interest credit cards and even cut your monthly payments by half or more by the savings on the interest only. Just think - You could save $600, $1,000, even $1,500 each month in interest!

And you can pay off more than just credit cards. You can use a low interest FHA Refinance mortgage to pay off your car loan, student loans, collections, medical bills, boat or motorcycle loans and company loans.

Maybe you have an important medical procedure that you have been putting off or an urgent car repair that you haven't been able to afford. Perhaps you would like a new kitchen. Or Maybe you would like to refurbish your entire home, complete with new appliances and furniture. A Cash Out FHA Refinance can give you the financial funds to move forward with confidence. You can use the money any way you want to. Take ...
... a vacation, pay tuition, buy a car, boat or motorcycle, redecorate your home. The possibilities are endless. And another amazing thing about an FHA Refinance is that, with present interest rates, you can do all this and actually lessen your total monthly payment.

And the best part of consolidating your debt into an FHA loan, The interest is tax deductible! That's right, everything that you pay in interest you can deduct on your Federal Income Tax Return. You wont see that for credit card debt, auto loans or student loans. This can amount to thousands or even tens of thousands of dollars saved each year.

Imagine the financial freedom that saving this much money can give to you. Freedom from credit card debt and creditors, freedom to modernize your home, freedom to pay off medical expenses or student loans, even freedom to buy that car, boat or motorcycle and deduct the interest.

With present interest rates, it doesn't pay to delay. Think of the interest that could have been saved this month.

To be eligible for an FHA Refinance Loan, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. At least a 580 FICO credit score is very helpful to obtain an FHA approval. You must also have enough income to pay your new, reduced total monthly debt. These ratios can be exceeded somewhat with compensating factors. The maximum financing for an FHA Cash-Out Refinance in is 95% or 85% if the loan amount is greater than $417,000.