Put your home equity to work with a cash-out mortgage refinance.
With a cash-out refinance, you exchange your existing mortgage for a new mortgage that exceeds the amount you own on the original mortgage. You then can receive the difference between the market value of your home and the amount you owe on the original mortgage in the form of a lump-sum payment. The cash can go toward pretty much any purpose, such as a home improvement project.
How Can You Spend Cash From a Cash-Out Refinance?
You can spend cash from a cash-out refinance for a number of purposes. Common uses for the cash include:
Debt Consolidation
Home improvement projects
Addition of a swimming pool
College tuition
Unexpected medical bills
Care for elderly parents
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