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.
When you own a home, you build equity over time by making payments toward the principal and letting the market value naturally appreciate. The downside? Your equity is typically locked up until you sell the…
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Before you use a cash-out refinance to tap into your equity, you should know how they work. Here is the essential information.
You can utilize the money from your cash-out refinance however you'd like, but here are some of the most common uses.
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.
Learn more about the different refinance options available to you.
