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Cash-Out Refinancing: Everything You Need to Know

You've built up a lot of equity in your home and now you're looking to tap into it. One option you can utilize is a cash-out refinance. This option allows you to refinance your mortgage and get cash out of your home in the process — find out if it's the right fit for you.

Cash-out refinancing basics

Before you use a cash-out refinance to tap into your equity, you should know how they work. Here is the essential information.

Ways to use the cash

You can utilize the money from your cash-out refinance however you'd like, but here are some of the most common uses.

Alternatives to cash-out refinances

A cash-out refinance isn't the only way to access the equity in your home. A second mortgage — such as a home equity loan — might be a better option. Personal loans also offer faster access to cash and aren't secured by your home.

Other types of refinances

Learn more about the different refinance options available to you.