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Cash-Out Refi or Home Equity Loan?
Thinking about a home equity loan or line of credit? You might be better off with a cash-out refinance of your current mortgage instead.
Lenders are once again offering home equity loans and lines of credit (HELOCs), after many suspended such offerings a few years ago with the crash of the housing market. But they're still hard to come by and have steep equity requirements, a far cry from the days when lenders were actively encouraging borrowers to use their homes as seemingly bottomless piggybacks.
Advantages of a cash-outSource: NASDAQ