Fast forward to March 31, 2016, and it inched up only slightly, to 3.71%.
This has been great for homeowners who want to lower their monthly mortgage payment by refinancing to a lower rate.
You want to get ,000 cash out of your refinance to pay off credit card debt and put a downpayment on a new car.
Calculate a cash-out refinance NOTE: You may also want to consider a TD Bank Home Equity Loan or Line of Credit, which feature lower closing costs than mortgages and allow you to get the cash you need from your home's equity.
Another common reason for refinancing a mortgage is to consolidate debt such as higher interest credit card balances and loans.
However, you may be able to avoid these costs with a home equity loan.
Discover Home Equity Loans offers a cash-out refinance option up to 0,000 with zero cash required at closing.
You own rather than rent for a reason, and that value you're building in your home is there for you when you need it.
There are a couple ways to use the equity you've built in your home to get cash quickly—a cash-out refinance and a home equity loan.