For many homeowners, having home equity is like having a large savings account. It represents a substantial cash reserve you can draw upon when needed. But what's the best way to access it?
Two of the most common ways are through a home equity loan/line of credit or a cash-out refinance. Each has certain advantages or disadvantages. The one that's best for you will depend on a variety of factors, including how much cash you need, when you need it, how quickly you can pay it back, the current market for mortgage rates and more.
What's the difference?
Both a Further information: