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

Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. 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.

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Savings Corner

APRIL 4, 2024

Key takeaways Determine how much you need before you apply to avoid requesting more money after you’re approved or borrowing more than you need. Income verification: You can provide a pay stub, bank statements, tax returns or even 1099 forms if you’re self-employed.

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