Cash-Out RefinanceAccess Your Paramus Home Equity
Turn your Paramus home equity into cash for renovations, investments, or debt consolidation. With Bergen County property values up 8.3%, now is the time to leverage your home's appreciation.
Popular Cash-Out Uses in Paramus
Home Renovations (42%)
Kitchen remodels averaging $85,000 in Paramus add significant value. Master suite additions and finished basements are top Bergen County improvements.
- • Kitchen renovations: $60K-$120K
- • Bathroom upgrades: $25K-$45K
- • Finished basements: $40K-$75K
Investment Properties (28%)
Many Paramus homeowners leverage equity to purchase rental properties in emerging Bergen County markets or shore properties for vacation rentals.
- • Down payments for rentals
- • Jersey Shore vacation homes
- • Multi-family investments
Debt Consolidation (18%)
Replace high-interest credit cards (avg 24.9% APR) with tax-deductible mortgage interest. Save thousands annually while improving cash flow.
- • Credit card payoff
- • Auto loan consolidation
- • Student loan refinancing
Education & Business (12%)
Fund college tuition without high-rate student loans or capitalize a business venture with competitive mortgage rates versus commercial lending.
- • College tuition funding
- • Business startup capital
- • Professional development
Calculate Your Paramus Home Equity
Average Paramus Home Values by Area
- Garden State Plaza Area:$785,000
- Arcola:$695,000
- Spring Valley:$725,000
- Dunkerhook:$910,000
- West Paramus:$680,000
Quick Equity Estimate
Current Home Value
$725,000
Minus Current Mortgage
- $425,000
Available Equity (80% LTV)
$155,000
Cash-Out Refinance Requirements
Qualification Criteria
- Credit Score: 620+ for conventional, 580+ for FHA
- Home Equity: At least 20% equity remaining after cash-out
- DTI Ratio: Maximum 43-50% debt-to-income
- Occupancy: Primary residence in Paramus for 12+ months
- Payment History: No late mortgage payments in 12 months
Simple Process
- 1Free Consultation: Discuss goals and review equity position
- 2Application: Complete online app with income documentation
- 3Appraisal: Professional valuation of your Paramus property
- 4Underwriting: Final approval and cash-out amount confirmed
- 5Closing: Sign docs and receive funds within 3 business days
Tax Advantages for Paramus Homeowners
Cash-out refinancing offers significant tax benefits for Bergen County homeowners, especially with New Jersey's high state and local tax (SALT) considerations.
Deductible Mortgage Interest
When you use cash-out funds for substantial home improvements to your Paramus property, the mortgage interest remains tax-deductible up to $750,000 in total mortgage debt. This can save thousands annually for homeowners in higher tax brackets.
Home Improvement Deductions
Capital improvements like kitchen renovations, additions, or energy-efficient upgrades increase your home's cost basis, reducing capital gains tax when you sell. Paramus homeowners typically see 65-75% ROI on major renovations.
Business Use Advantages
If you use cash-out funds for business purposes or investment properties, the interest may be deductible as a business expense, providing additional tax benefits beyond standard mortgage deductions.
Note: Consult with a tax professional about your specific situation. Tax benefits vary based on individual circumstances and current tax law.
Unlock Your Paramus Home's Potential
Get your free cash-out analysis and see how much equity you can access
NMLS #1577754 | Equal Housing Lender | Licensed in NJ