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Cash Out Refinance – Home Equity Mortgage Loan or Cash Out Refinance  by: Carrie Reeder There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan. When you do a cash out refinance, you are refinancing your entire loan. Let's say you owe $300,000 on your home and you want to get $10,000 in cash out. If in refinancing your rate will be the same or higher, then you will be losing an extraordinary amount of money in fees just to get a $10,000 loan. In a case like that, you would definitely want to go with a home equity loan. Home equity loans are better if: You have a large home loan yet only need to cash out of a small amount of equity You need to borrow up to 100% of the equity in your home You want a revolving credit line You want a payoff sooner, or longer than the term of the rest of your mortgage loan On the other hand if you are: Going to refinance anyway Wanting to borrow a large percentage of your home’s equity Refinancing for a much lower rate Then, a cash out refinance loan may be best for you. Of course, the best way to tell is to actually sit down and do the math. These are just guidelines; the real test is in the math. You can consult a refinance calculator and a home equity loan calculator and figure out which one will save you the most money in the long run. Compare the total amounts you will spend in interest and fees. If you are planning on a cash out refinance, make sure that you are refinancing with a low enough rate to justify the fees to refinance. Your loan specialist should be able to help you figure out which one is best for your needs. For a list of recommended Refinance Lenders or if you would like to use a mortgage calculator to help you compare a home equity or refinance loan for your cash needs, click here: www.abcloanguide.com/refinance.shtml About The Author Carrie Reeder is the owner of www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles and it has recommended lenders to help you get the best mortgage service possible. carrie@abcloanguide.com This article was posted on March 30, 2005 Read More Articles from the "Business and Finance" Category: Moving Average Convergence Divergence ( MACD ) Charts by Steven T. Ng 10 Tips for Debt Free Living by Marjorie Salada The Principle of Abundance by Mandie Crawford 'Must Haves' for ANY Business – The 2005 List by Scott Jason What Is A Debt Free Consolidation? by Talbert Williams Strike Gold with Effective Prospecting by Michael Beck The Ghost of Expected Surprises by Rick Hoogendoorn Credit Card Debt Reduction - 3 Tips To Lowering Credit Card Debt by Carrie Reeder How to Sell Your Website Quickly and For the Best Price by Mark Samuelson Becoming Wise - Wild & Free - Writing A Successful Business Plan - Part 2 - Do It In Steps by Rod Francis << Back to "Business And Finance" Index

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