There are 3 types of Refinances:

1) Payout of Debts- we can take up to 80% of the value of your home subtracted by your mortgage balance to calculate your equity.
E.g. ($400,000 home X 80%)- $250,000 mortgage = $70,000 of equity, which can be used to pay off debts. This will free up monthly cashflow by over $1,500/month on average, and you’re financing your debt at a much lower rate than traditional credit cards or lines of credit.

2) Equity Take Out- same calculation as above, however you can take the $70,000 out as cash and use it as a down payment for another home, renos, etc.

3) Lower Rate or Extending Your Amortization- I can quickly run a calculation to determine if it makes sense to break your mortgage and move into a lower-rate product.