A cash-out refinance allows you to refinance your mortgage for more than you owe, turning the difference into cash that can be used for home improvements, debt consolidation, or other major expenses.

Benefits:

• Access to home equity without tapping into savings or incurring high-interest debt like credit cards.
• Often comes with a lower interest rate than credit cards or personal loans.
• Can be used for large expenses, including home repairs or debt consolidation.

Eligibility:

• You must have sufficient income and a strong credit history to qualify for a cash-out refinance.