Use the cash-out refinance calculator to get an idea of how much you might have available.
Usually, a traditional cash-out refinance has closing costs that can amount to hundreds or even thousands of dollars.
“Everyone wants the biggest and best right off the start.
That’s how so many get into financial trouble,” she says.
“It’s just better to live within your means and pay off those credit cards one at a time,” she says.
She feels that the equity of your home should only be used in extreme cases such as your child gets sick and you need extra money, or something in your home needs repaired immediately, and it’s going to cost a lot.
You own rather than rent for a reason, and that value you're building in your home is there for you when you need it.
Know what the financial ramifications are instead of just knowing the payment plan,” he says.Click here for today’s debt consolidation refinance rates.