July 14, 2014

Home equity loan, HELOC or cash-out refi?

By Marcie Geffner - Bankrate.com

Homeowners who want to cash out their equity might be puzzled by the advantages and disadvantages of their three choices: a home equity line of credit, home equity loan or cash-out refinance.

Which makes the most sense?

The answer depends on:

How much equity you have.
How much you want to borrow.
When you plan to repay the money.
Whether you want a fixed or flexible term.
The interest rate on your current mortgage.

Read on:
http://www.bankrate.com/finance/home-equity/home-equity-loan-heloc-or-cash-out-refi.aspx