Accessing the equity in your home could be an alternative to using other financing options with higher interest rates.
A cash-out refinance lets you access your home equity by replacing your existing mortgage with a new one that has a higher loan amount than what you currently owe. When you close on your loan, you’ll get funds you can use for other purposes.
There's no hard-and-fast answer to that question, but you may want to consider a cash-out refinance if:
With a cash-out refinance, you need to weigh the benefit of how you’re going to use the money against the amount of time it will take to pay off the loan. Here are some things to think about:
To help you answer these questions and determine whether a cash-out refinance may help you with your long-term financial goals, click here to contact one of our Consumer Real Estate Lending specialists.