While a HELOC offers nearly instant access to cash, a fixed-rate home equity loan can take a few weeks to dish out your funds. So if you choose the latter, don’t be surprised if you’re forced to wait.
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You’ve got three main strategies for unlocking your equity-a cash-out refinancing, home equity line of credit, or home equity loan. Of these options, cash-out refis are especially popular right now.
Another good reason to refinance is cash – cold hard cash. Many homeowners take equity out of their home in order to have a lump sum of cash. This can be used for anything, of course, but should be used for sensible debt reduction like extinguishing credit card debt or other obligations.
Your home is not just a place to live, and it’s not just an investment. It also can be a source of ready cash should you need it through refinancing or a home equity loan. Refinancing pays off.
Home equity loans also tend to result in cash quickly: Lenders can typically approve and fund home equity loans faster than they can refinance your mortgage. As an added bonus, the interest on your home equity loan may be tax deductible, so be sure to consult a tax expert for advice. Cash Out Refinancing: Borrow Now, Save Later
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.
Because a cash-out refinance requires you to take out a new first mortgage, closing costs are typically greater than with a home equity loan or HELOC. Recasting your home mortgage may cause you to owe money on your home for years longer than you had planned.
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Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore more risky. A cash-out refinance is not a second loan; it is a new first mortgage.