Is cash-out refinancing worth it?

The current high interest rate environment, coupled with elevated home prices, has a growing number of Americans turning away from making new home purchases. But even if you’re not ready to sell your home and move somewhere new, homeowners can still benefit from the market today.

One way to tap into the value of your home is through a cash-out refinance. It could be useful for accessing a large amount of cash — especially if your other options carry much higher interest rates — but it also comes with added fees and could potentially increase the amount you pay on your mortgage over the long term.

To get started, compare refinance rates you may qualify for here now.


Source: | By Kendall Little