Gulfport Homes Equity – Why and How
Gulfport Home Refinance – Cash In Hand
Whether you want money for home improvements, college or a vacation, you can use the equity in your home to provide the funds you need. Refinancing your mortgage is a wonderful way to get the cash in your hand to enable you to tackle projects you have been putting off.
There are two ways to turn the equity in your Gulfport home into usable cash. A home equity line of credit is one option that works well for many homeowners. A more traditional choice is a cash-out refinance of your existing first mortgage.
How Do You Know if You Have Equity?
Equity is the difference between the amount your home is worth and the amount you owe your mortgage company. It represents the portion of your home that you actually own. In order to figure the approximate amount of equity you have, you will need to know what your home is worth. The most accurate way to find the value of your home is to purchase a real estate appraisal. Other methods include researching property sales in your neighborhood or using the tax assessor’s value of your property.
Why Should You Get Cash From Your Home?
Many people, especially those who plan to sell their home in the future, get cash from their home to make improvements that will increase the value of their property. If you want to remodel your kitchen or finish your basement, you can use the proceeds from a cash-out refinance or a home equity line of credit to finance the project.
While home improvements are one of the most popular uses of equity, they are not the only reason homeowners refinance their mortgages. Because there are no restrictions on the use of the funds from your cash-out refinance, you can use it for any major purchase including college tuition, medical bills or unexpected expenses.
Check out our other articles on Gulfport Home Financing:
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Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
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Without a doubt, this has been the best home purchasing experience. I am so impress with everyone at Amanda & Associates. David Becher was exceptional! He contacted me on a regular basis and understood my goals. Finding the perfect cottage on the Gulf Coast has moved me one step closer to retiring in such a beautiful and fun area. Brittany Brackett is another person I want to acknowledge. She consistently communicated with me on the administrative paperwork. Because of her attention to detail, …
I have worked with Amanda and her team on several transactions, both as a buyer and a seller. They are very proactive, accessible, and responsive. The team knows the market very well, and lays out a well thought out and deliberate strategy to close a deal in a timely manner.
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They do very well in getting the information needed for you so you can decide on the property being reviewed. Very professional and quick to respond. They keep you informed on all steps during the process of the purchase.
“The best decision I made was choosing Amanda Hendry and her team as my Realtor for my first time buying a home. They walked me through every step and worked with my mortgage loan officer and with the seller to make sure everything was in order and done in timely manner. My first time buying a home was a journey and not an easy one and Amanda went above and beyond to get me in the home of my dreams. She showed me probably every house on the market in the locations I was searching for several mon…
Jennifer BatesGulfport, MS