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Cash-Out Refinancing: How It Works, When To Do It

Savings Corner

You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs. Shopping around for the best cash-out refinance rates: Compare at least three different lenders to get a sense of what you qualify for and what rates look like today.

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HELOC Vs Home Equity Loan: How Do They Work?

Savings Corner

Some HELOCs come with a conversion option that allows you to set a fixed rate on some or all of your balance. Home equity lenders often charge a fee for variable-to-fixed-rate conversions, too. Or, if your costs will extend over a long period of time (like paying a home contractor in installments, or college tuition for four years).

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