How to pay for home improvements
Sometimes financing is the only way to afford important home renovations.
8 min read
Sep 26, 2024
See the cash-out possibilities
The market’s moving fast but we can help you move faster. Just enter your address and find out if now’s the time to tap into your equity.
The cash-out refinancing basics
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A cash-out refinance lets you to borrow cash from the home equity you’ve built as you’ve paid your mortgage.
Watch the video below for a run-down from our Bankrate experts.
Bankrate's Hanneh Bareham covers the basics of cash-out refinance
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Cash-out refinance for your goals
Improve your home with a cash-out
Cash-out refinancing can cover expenses for major home upgrades that increase your home value, like fixing up an outdated bathroom or finally putting together your dream kitchen.
Before you start knocking down walls, it’s always a good idea to research your options. We’ve put together some handy articles and tools to help you get started.
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Cash-out refinance: What it is and how it works
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Refinancing for home improvement: How it works
Tapping your home to upgrade your home: A good idea, but beware the potential pitfalls.
7 min read
May 28, 2024
Mortgages and loans to pay for home renovations
Financial tools to make that project happen — provided you pick the right one for your needs.
14 min read
May 21, 2024
Consolidate debt with a cash-out
When it comes to paying off debt, the simpler the better! If you can borrow from your home at a low interest rate, you could cut out higher interest debt and consolidate everything into your mortgage payment.
There are many ways to tackle debt, so it’s always good to know your options. We’ve put together some articles and tools to help you get started.
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Should you use a home equity loan to pay off your debts?
It can be a smart strategy, provided you understand what you’re risking.
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Oct 17, 2024
Cash-out refinance: What it is and how it works
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Refinance your home
Tapping into your home equity works well when you’re looking for a large lump sum of cash. If you just want to lower your monthly payment, refinancing with a lower rate can help you save.
No matter what your goals are, refinancing is a big decision that requires a little research. We’ve put together some useful articles and tools to help you get started.
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Mortgage refinance: What is it and how does it work?
Everything you need to know before you start switching out your home loan.
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Cash-out refinance: What it is and how it works
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5 min read
Sep 05, 2024
Types of mortgage refinance: How to choose
There are many mortgage refinance options, and more than one might suit your needs. Here’s how to choose the best one.
6 min read
Mar 26, 2024
Figure out where to start
Not sure where to start? You’re in the right place! Refinancing is a big decision, but we’re here to help you understand your options.
We’ve put together some helpful articles and resources that can help you figure out if refinancing is a good next step for you.
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Knowing the differences among equity loans will help you make the right choice.
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Cash-out refinance: What it is and how it works
A cash-out refi lets you tap your home equity in cash. See if it’s right for you.
5 min read
Sep 05, 2024
How to get equity out of your home — and how to choose the best way
Your home isn’t a piggy bank, but there are wise ways to tap your ownership stake for cash.
10 min read
Aug 22, 2024
See how much you can borrow
Just enter your home’s current estimated value and the amount you have left to pay on your mortgage. We’ll show you how much you may be able to borrow from your home.
Compare your borrowing options
Cash-out refinance
A lump sum of cash taken out of your home equity, paid back through your new mortgage payment.
Features
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Secured by home equity
-
Higher borrowing limits
-
No extra monthly payment
Home equity line of credit
A line of credit that’s borrowed from your home equity, and works more like a credit card.
Features
-
Secured by home equity
-
Common for home projects
-
Use what you need
Home equity loan
A loan that’s taken out of your home equity, but is paid back as a separate monthly payment.
Features
-
Secured by home equity
-
Access a lump sum of cash
-
No effect on mortgage
Personal loan
A loan that is not secured against your home equity and is paid back as a separate monthly payment.
Features
-
Not secured by equity
-
Can have lower limits
-
No effect on mortgage
Refinance
A new loan to replace your current mortgage, likely with a lower rate or different term.
Features
-
No effect on home equity
-
Can lower interest rate
-
No access to cash
Cash-out refinance
A lump sum of cash taken out of your home equity, paid back through your new mortgage payment.
Features
-
Secured by home equity
-
Higher borrowing limits
-
No extra monthly payment
Home equity line of credit
A line of credit that’s borrowed from your home equity, and works more like a credit card.
Features
-
Secured by home equity
-
Common for home projects
-
Use what you need
Home equity loan
A loan that’s taken out of your home equity, but is paid back as a separate monthly payment.
Features
-
Secured by home equity
-
Access a lump sum of cash
-
No effect on mortgage
Personal loan
A loan that is not secured against your home equity and is paid back as a separate monthly payment.
Features
-
Not secured by equity
-
Can have lower limits
-
No effect on mortgage
Refinance
A new loan to replace your current mortgage, likely with a lower rate or different term.
Features
-
No effect on home equity
-
Can lower interest rate
-
No access to cash
The Bankrate difference
We combine experience and innovation to help you find great mortgage offers without hurting your credit
Financial guidance unique to you
We help you find what works for you and your money, whether it’s small changes, big decisions or something in between.
Lower Rates
We help you find mortgage rates that are lower than the national average. Homeowners who refinance with Bankrate’s help save hundreds every month.
Decades of experience
Since 1976, Bankrate has been a trusted name in personal finance. We connect 800,000 people to quality mortgage lenders every year.
Take your first step toward refinancing
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