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Cash-out refinance vs home equity loan: The better deal might surprise you

The Big Comparison: Cash Out Refinance Vs Home Equity Loan. If you’re in need of extra cash (for whatever reason), then instead of applying for a personal loan, you might want to consider using your home as collateral for either a home equity loan or a cash-out refinance. Both of these can be effective ways to obtain cash- especially if you need a significant amount of it.

Refinancing with a home equity loan "If you’re only going to be in the house for two or three years, then a home equity refinance is better if you can afford a 15-year payment," says Mike.

Should I refinance my mortgage or should I get a home equity loan? I am looking for some cash out to do some home improvement, and maybe a small addition? How do rates compare and is a refinance loan.

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I got a quote for a cash out refinance; the new mortgage loan would be for another 30 years, $150,000 but the rates are up to 4.625%. I would get about $40,000 in cash.

 · A home equity loan is secured by the equity in the property, which is the difference between the property’s value and the homeowner’s existing mortgage balance. For example, if you owe $150,000 on a home valued at $250,000, you have $100,000 in equity.

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Discover Home Equity Loans has loan amounts from $35,000-$150,000 with up to 90% of the borrower’s CLTV (in some cases 95%). So, if you have a $300,000 home with a mortgage balance of $160,000, you may be able to borrow up to $90,000.

A third option is a cash-out refinance, where you refinance your existing mortgage into a loan for more than you owe and pocket the difference in cash. To consider your application for home equity.

A cash-out mortgage refinance is a great option if you can get a good interest rate on your new loan and you have plans to spend the money wisely (debt consolidation or home improvement). Learn more about this program, and other refinance options, by making a 10-minute call to one of our salary-based mortgage consultants.

A cash-out refinance. better choice. Few people can avoid taking out a mortgage if they buy a home, but a home equity loan is another story. If you’re going to save money by swapping your credit.