So a homeowner who has 30 equity can take up to 10 of that equity in cash with a cash-out refinance. Cash-out refinance rates are slightly higher than no-cash-out loans. The difference is about one-eighth of one percent. In numerical terms, it is 0. 125 or about 10 more per month in interest for every 100,000 borrowed. Considering the relatively low cost, a cash-out loan is a great way to consolidate high-interest debt and get monthly expenses under control.
For many households with a lot of debt from student loans, credit cards, and car loans, a cash-out loan reduces payments by many hundreds of dollars per month.
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