Homeowners can sell their house and acquire access to their equity, or they can apply for a cash-out refinance and borrow money from their equity. The method of cashing-out equity with a refinance involves applying for a new mortgage loan, taking cash from the equity and then rolling the borrowed funds into the new mortgage loan balance. Cashing out equity with a refinance will increase the mortgage loan balance, which can likely increase monthly payments. However, cash-out refinances can provide borrowers with immediate cash to pay down credit cards or renovate their home. Call us today to see if we can reduce your monthly output to put yourself in a better financial position.