Mortgage Refinancing vs. Home Equity Loans: Which Is Right for Me?
Need cash but don’t want to resort to high-interest loans? You’re in luck if you’re a homeowner. Mortgage refinancing and home equity loans can lower your borrowing costs while turning the equity you’ve built into cash (even if you’re still paying off your mortgage). To find out which option is right for you, you’ll first need to figure out how much home equity you have, how long you plan to live at your residence, and what you’ll use the money for.