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. While you can’t cash out all of your home’s equity, the process gives you access to a larger sum of money without needing to sell your home.

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Savings Corner

APRIL 4, 2024

Images by Getty Images; Illustration by Hunter Newton/Bankrate Although interest rates aren’t as favorable as they were in recent years, refinancing might make sense for homeowners who want to pull out cash to renovate their homes. Steer clear of any lenders that push refinancing even if it isn’t financially advantageous for you.

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Savings Corner

DECEMBER 25, 2023

If your home has increased in value since you bought it, you may have more equity than what you’ve accrued from paying down your principal. Most lenders will require you to maintain at least 20% equity in your home. If mortgage rates have increased since you bought your home, you may think twice before refinancing.

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Savings Corner

APRIL 4, 2024

The steps may vary depending on whether you’re looking for debt consolidation loans , home improvement loans, medical loans or wedding loans. Some lenders may also consider your work history or education. Credit card refinancing loans: Some companies specialize in loans for people looking to pay off credit card debt.

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