We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for YOU!
There are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance.
In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.
So, is it better to use a Home Equity Line of Credit or to do a "cash out" refinance despite a higher interest rate? Find out by watching our helpful interactive video here and by using our comparison calculator.
And, if you’re interested in exploring your options more, please reach out. We are happy to help! Fill out the form below and one of our loan officers will be in touch shortly!