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.

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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 x $410,000, or $328,000.

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Savings Corner

APRIL 4, 2024

Many borrowers use them to pay for major home repairs or renovations, like finishing a basement , remodeling a kitchen or updating a bathroom. For example, peer-to-peer lender Prosper sets a 660 credit score minimum for HELOCS, vs. 640 for home equity loans. Both funding options allow you to use the funds however you see fit.

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