You need money to buy that Honda CR-V that you’ve been talking about, for some reason.
If you're looking to make a mistake with your finance, consider a "cash-out refinance."
In the biz, they call it a cash-out refi. But they don't tell you that you're just pushing yourself further into debt. To qualify, you'd need to have put down an existing down payment, or paid off at least 20% of the equity. From there, you engage in the cash-out refinance that pays off your mortgage.
You then take on a new loan that is worth more than what you owe to the bank, and pocket the difference in cash. You’ll have a completely different set of loan terms, including a new payment and schedule. You’ll be able to use that cash to pay bills and maybe buy that awesome Honda you won’t shut up about.
But you’re going to have a lot more debt than you used to, and that’s never a good thing.
Related or Semi-related Video
Finance: What is an Annualized Return?36 Views
Finance, a la shmoop. What is an annualized return? Alright people, well
when you invest a dollar you hope or even expect to get more than a dollar [ATM machine]
back, at some point. And let's say you invested that dollar in Terminators
Closet -a leading dealer in cybernetic body enhancements. And it went from $1 a
share to a dollar ten six months later. Alright, nice return.
You made 10% in just six months but in most investing discussions ,investment [spreadsheet shown]
returns are discussed in the form of annual returns, not monthly or daily or
biannual numbers, so you need to convert your six-month return into an annualized [angelic glow]
one, and you can do the process here of computing that number that is if you made
10% in six months well then in a year presumably you could notion that you'd
have made 20%. It's not that you would have guaranteedly made 20% it's just [spreadsheet shown]
the math saying that well if you had compounded at that rate then you'd have
made 20%, so what if she made 10% in a month? Well the stock went from a buck a
share Jan 1 to a buck ten a share by Feb 1 .Well if you impute so that you can [calendar shown]
compute that month's gain of 10% would carry a compound rate of a hundred
twenty percent. Right ? You're multiplying 12 months times 10 there, that'd be
annualizing it meaning, that at that rate you are more than doubling your money on [spreadsheet shown]
an annualized return basis. And that's more than enough dough to keep
terminators closet popping out those Wi-Fi enabled contact lenses faster than [woman watches TV]
people can wear them.
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