How cash-out works
You replace your mortgage with a larger one and pocket the difference. Common uses: home improvement, debt consolidation, tuition, or investment.
Pros
Access equity at mortgage rates (often lower than credit cards), potential tax benefits for home improvements, single payment.
Cons
Higher balance, potentially longer term, and closing costs. Turning unsecured debt into mortgage debt puts your home on the line.
Key takeaways
- Cash-out trades equity for cash and higher payments.
- Weigh long-term interest vs short-term relief.
Frequently asked questions
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