A Cash-Out Refinance is the most common method to use Equity in your home for items like Debt Consolidation with reducing your Rate.
Home equity refers to the appraised value of your home, subtract the amount you still owe on your home mortgage.
The more home equity you have, the better interest rate you can earn on the repayment, which can help lower your monthly payments. There is enough equity that can help eliminate Personal Insurance Premium (PMI), a lower monthly rate that many lenders include with a 20% down payment. Use our refinance calculator and see what you qualify for.