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Cash-out
Refinance Versus Home Equity Loans
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Let's say you have a home that's worth $150,000 and you owe
$100,000 on the mortgage. That means you have $50,000 of equity
in your home, which is like having $50,000 in a savings account.
A Cash-Out Refinance allows you to access that equity. For instance,
if you need $10,000, you can refinance your mortgage so that
you owe $110,000 and the lender then gives you $10,000 in cash
at closing.
Refinance Tools
* Home Value Calculator
* Article - Home Equity Loan Options
* Should You Refinance Calculator
Talk to a Refinance Expert!
With a Home Equity Loan, you keep your original mortgage and
take out a second mortgage for the amount of equity you are tapping
into.
Since every homeowner's situation is different, your best option
will depend on your specific circumstances. Whether you choose
a cash-out refinance or a home equity loan, there are four things
to consider:
Speed
How fast do you need the money? Home equity loans close considerably
faster than a refinance - in as little as five days. That might
be important to you.
Cost
Home equity loans typically require minimal fees. Refinancing,
on the other hand, may carry higher loan fees and possibly points.
Rate
Because a home equity loan is a second
mortgage, it typically has a higher rate than a cash-out refinance
(a reflection of its higher risk to the lender). But if you
already have a great rate on your mortgage, it may be worthwhile
to get a home equity loan — even at a higher rate — rather
than refinance and lose the low rate you already have on your
first mortgage.
When refinancing, you are generally limited
to a term of 15 or 30 years. With a home equity loan, you have
more flexibility and can take advantage of a shorter term — greatly
reducing your overall interest costs.
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