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

DECEMBER 25, 2023

If you do a cash-out refinance to pay off credit card debt or finance college tuition, you’ll be paying off unsecured debt with secured debt — a move that’s generally discouraged because of the possibility of losing your home. Potentially higher interest rate. Time-consuming.

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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. Lenders consider it when approving you for a mortgage or other home-based financing. Source link The post How to Calculate Home Equity appeared first on Savings Corner.

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Savings Corner

APRIL 4, 2024

Key takeaways Home equity loans and HELOCs are both financing tools that allow you to borrow against your ownership stake in your home. Home equity lines of credit (HELOCs) and home equity loans are two similar finance tools — methods of borrowing money against the ownership stake you have in your home. Home equity loan: What is it?

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