Borrowing against your home might make sense in certain situations, such as to finance home improvements, but using your home ...

Key takeawaysA home equity loan is usually a fixed-rate lump sum based on the value available in your home. Home equity lines ...

One major difference between Discover and Rocket Mortgage (aside from only the former listing its rates online) is that ...

Take credit cards, for example. Those short-term borrowing products currently have rates averaging over 21%. Personal loan ...

While home equity loan rates at 8.38% (on average) are higher than mortgage refinance rates at 6.80% for a 30-year refinance, home equity loans will allow you to keep your current mortgage rate.

If your home’s value has increased, for instance, from $350,000 to $400,000, and you have paid down your mortgage and previous home equity loan to a total outstanding amount of $200,000, you ...

Yes — like a first mortgage, you can refinance a home equity loan. This makes the most sense if you can get a better rate now than when you took out the loan.

Unlike home equity loans, which add a second payment to your budget, you end up with one new mortgage payment that replaces your old loan’s payment. To qualify for a cash-out refinance, most ...

Generally, longer-term loans have higher interest rates. According to Ken Flaherty, senior manager of retail lending for ...

The typical home equity loan comes with upfront closing costs of 2% to 5% of the loan amount, and with cash-out refinancing, you’ll generally pay 3% to 6% in closing costs. If you don’t have ...

A home equity loan is an additional loan payment, which means it’s one more payment to remember and manage every month. Closing costs are also part of the deal; Cash-Out Refinance vs. Home ...

Cash-Out Refinance: Home Equity Loan: Loan Structure: Replaces your existing mortgage with a new, larger loan. Combines your remaining mortgage balance with the amount of equity you're borrowing ...