get cash out
Tapping into your equity gives you access to the funds you need now.
can I take money out of my home?
Yes. The money you put into your home with your original down payment and monthly principal payments is still yours, and under certain circumstances, you can access it.
Of course, while drawing money from your home equity can give you an influx of cash in the short term, bear in mind that you’re going to have to pay it all back eventually—plus interest.
how do I do it?
Your options vary depending on your situation, but here's a quick run-down:
Cash-out refinances are almost exactly what they sound like. Basically, you use refinancing as an opportunity to trade the equity you’ve already built for ready cash.
Home equity lines of credit are revolving lines of credit that use your equity as collateral. Like with a credit card, you can borrow as much as you need so long as it’s within your limit, and you make payments on what you borrow with interest added.
Home equity loans are similar to lines of credit in that they let you access a certain amount of your equity without refinancing. The main difference is that home equity loans are a one-time, lump-sum arrangement. You get the money, and then you pay it off over a fixed term, like with a mortgage.
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