Refinancing For Home Improvements

A cash-out refinance is like any other refinance, which means there are closing costs involved. The closing costs will typically be subtracted from the cash you’re getting, so you won’t have to pay anything out of pocket. Mortgage interest is usually tax-deductible, but the interest on many other types of debt is not. Depending on where you live and the tax rules that apply to you, the interest you pay on your mortgage can be deducted. Check with a tax professional to see how this applies to you and if you’re able to claimrefinance tax deductions. By choosing a cash-out refinance vs. a home equity loan or other loan type, you’ll maintain a single mortgage payment that may not be much higher than the one you have now.

• New towel racks or a fresh coat of paint can also give the bathroom a new look.
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