Home equity hit a record high in the second quarter of 2025, according to data from ICE Mortgage Technology, with roughly 48 million borrowers sitting on $11.6 trillion in tappable equity. Because ...
A cash-out refinance is one way to leverage your home equity. In fact, it can actually turn your equity into cash, which you can then use for virtually any purpose — home repairs, tuition, medical ...
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Cash-out refinance: What it is and how it works
A cash-out refinance replaces your current mortgage with a new, bigger one that converts some of your home’s equity to cash. The terms of your refinanced mortgage might significantly differ from your ...
After years of building equity in your home, you might find yourself needing access to funds. Indeed, the average U.S. homeowner now has about $207,000 in "tappable" equity – that is, funds they could ...
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Pros and cons of a cash-out refinance
A cash-out refinance offers benefits like access to money at potentially a lower interest rate, plus tax deductions if you ...
You won’t owe taxes on the cash you receive from a cash-out refinance. If you use the cash to fund capital improvements on your home, the interest may be tax-deductible. Any mortgage interest you ...
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