Savings Corner
APRIL 4, 2024
Christina Zelow Lundquist/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Cash-out refinancing allows you to turn equity into cash through refinancing your mortgage. The terms of your refinanced mortgage might significantly differ from your original loan, including a new rate or longer or shorter loan term.
Savings Corner
APRIL 4, 2024
You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Using our example above, that’s 0.8 For example, if you wanted a $30,000 home equity loan, your CLTV would come to 60.97 Home equity can be a valuable resource for homeowners.
Savings Corner
APRIL 4, 2024
The RIIR (the rise in interest rates) throughout 2022 and 2023 — particularly mortgage rates, which have doubled since their mid-pandemic lows — have decimated the appeal of cash-out refinancing, once the go-to way to tap a homeownership stake. Hence, the interest in home equity loans and HELOCs. Are you a set-it-and-forget-it type?
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