For homeowners needing cash to respond to COVID-19, using a cash-out refinance to tap home equity could make sense
Today, with millions of people facing tremendous financial uncertainty related to the coronavirus, cash-out refinances could help homeowners fill in some of the financial blanks. when you pay off an existing mortgage and replace it with a new home loan.
Cash-out refinancing has long been used by homeowners to raise money for things like paying for a child’s college education, funding a major home renovation or consolidating debt. When it comes to providing a potentially large sum of cash at an attractive interest rate with relatively easy qualification, cash-out refinancing is a tool with few peers in the realm of personal finance.
Of course, tapping this equity requires taking out a loan and shouldering possibly higher mortgage payments—although monthly payments could be lower if the cash-out refi also extends the term of the mortgage. And, as is the case with any loan, lenders want to see how borrowers will repay the loans.
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