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. Source link The post Best Cash-Out Refinance Lenders of 2023 appeared first on Savings Corner.

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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. Cash-out refinancing: With a cash-out refinance, you replace your existing mortgage with a new, larger mortgage. Home equity can be a valuable resource for homeowners.

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Savings Corner

APRIL 4, 2024

Loans often don’t charge origination fees , which’ll save you money at closing. 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.

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