Cash-Outs, Part 4: Sample savings for consolidating debt with a VA cash-out refinance

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Video Description:

After building on all the reasons why a VA cash-out refinance could be a great way to save you money throughout the first three parts of this series, we wanted to back up those claims with real numbers.

Using a $225,000 loan as our starting place, we calculate how much in interest you'll pay if you don't consolidate your credit card, student loans, and auto debt. We then calculate what you'll pay if you DO consolidate them with a cash-out refi. Then we compare the two numbers to prove how taking a higher mortgage rate can still save you THOUSANDS of dollars.

When this video was filmed, rates had only risen slightly, towards the 3–3.5% range. While rates are now even higher than that, the principle still says the same, especially if your debt load is higher than the examples we used to calculate. If you have any questions, feel free to call one of our expert VA loan officers. They'd be happy to take your exact debts and current loan amount to show you what YOU could save based on your specific situation.

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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.