Cash-Out Mortgage Refinancing - part 2

by LendingTree Editorial Staff

You can take the difference and use it for home renovations, second-property purchases, tuition, debt repayment or anything else that needs a significant amount of cash. What's more, you may be able to get a more favorable interest rate for your refinanced mortgage.

However, if the interest rate offered for your refinanced mortgage is higher than your current rate, this probably isn't a sensible choice. A home equity loan or line of credit (HELOC) might be a better idea.

Typically, homeowners are allowed to refinance up to 100 percent of their property's value. However, if you borrow more than 80 percent of your home's value, you may have to pay private mortgage insurance, or pay a higher interest rate.

To learn more about cash-out refinancing, visit http://www.lendingtree.com/cec/yourhome/yourmortgage/cash-out-mortgage-refinancing.asp

Copyright (c) LendingTree Editorial Staff

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