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Which Home Equity Loan is Best for You?
 
Which home equity loan is best for you?
Cash-Out refinance
Home equity loan
Home equity line of credit
 
 
   

 

Which home equity loan is best for you?
  • If you need your cash in a lump sum, a cash-out refinance or a home equity loan may be best.


  • If you need access to your money at different times, such as when you're renovating, a home equity line of credit is a good choice.


  • Deciding which home equity loan is best for you depends on two things:
    1. Do you want to receive your money in one lump sum?
    2. What do you need to use the money for?

When you take a cash-out refinance, it means you're refinancing your existing loan to a larger amount than what you owe and taking the difference in cash. You receive your money in a lump sum and you might use the cash for home improvements or debt consolidation. If the mortgage interest rate on your existing home loan is higher than current rates, it may make sense to refinance this way.

If you have a great mortgage interest rate and don't want to refinance your existing mortgage, a home equity loan might be the way to go. A home equity loan is a second loan that you take out in addition to your first mortgage . It allows you to get cash from your home equity.

A home equity loan takes less time than refinancing your first mortgage and is a good choice if you'd like your cash in a lump sum. Again, you might use this for home improvements or paying off high-interest credit card debt. You might also use it to pay medical bills or finance a second home.

Home equity line of credit

 
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