Cash-out refinancing and home equity loans are two of the most popular tools available to access your equity.
A cash-out refinance works like this: You apply for a new mortgage loan that's larger than your current one.
Interest rates and loan termsBoth cash-out refinances and home equity loans typically come with fixed interest rates, but home equity loan rates tend to be a few points higher.
ConsiderationsBefore deciding to use a home equity loan or cash-out refinance, you'll need to take the following costs into account first.
Choosing the right optionBoth home equity loans and cash-out refinancing can help you turn equity into cash.
Persons:
Cash, You'd, it's, what's, Melissa Cohn, William Raveis, refinance, you'll, Nicole Straub, —
Organizations:
LTV, William Raveis Mortgage, Discover
Locations:
foreclosing, —