Did you know that your home can be a great source of ready cash whenever an emergency arises? Two of the most common ways to cash out on your home are cash-out refinancing and home equity loans. Let’s look at the difference between the two to find out which is better for your situation.
A home equity loan provides cash in exchange for the equity you’ve built up in your property, while a cash-out refinance pays off your old mortgage in exchange for a new loan with a lower interest rate. Both can give homeowners much-needed cash based on home equity.
Cash-out is ideal if you need a significant amount of money and intend to stay in your home for at least a year. Home equity loans are best for owners who need access to cash over a while instead of getting a large amount upfront.
By providing your phone number and/or email address you agree to receive updates, offers, and other promotional and marketing communications from First Equity Home Loan, Inc. This may include calls or text messages sent to your mobile device via an automated telephone dialing system if you elect to provide your cell phone number to us as a point of contact. Please note: Standard data and messaging rates may apply. By clicking "Submit" you agree to these contracts as well as to our Terms of Service and Privacy Policy
