A home equity loan is another technique to faucet your fairness without refinancing. As an alternative of getting a line of credit, as you’ll with a HELOC, you’d obtain a lump sum of money. A house fairness loan could make sense if you happen to don’t wish to refinance your first mortgage — if it has a very low rate of interest, for example. But the interest rate would in all probability be increased with a second mortgage like a home fairness mortgage than with a cash-out refinance.
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