More Good Uses for a Cash-Out Refi (and One Bad Use)
The cash from a cash-out refinance can put you on stable footing to make smart moves with your money.
Today's relatively low interest rates are driving not just a homebuying frenzy but a refinancing boom as well. Refinancing is up 192% according to the Mortgage Bankers Association. Refinancing is simply replacing a current home loan with a new one. Some of the homeowner's accrued equity can be factored into the new loan and turned into cash.