Turn home equity into cash, with your eyes open

That depends on your home's appraised value, what you still owe, and the program's limit on how much of your home's value you can borrow. That limit is different for primary homes, second homes and investment properties. We'll estimate it with you before you apply.

Usually enough equity in your home, credit and income that fit the program, and an appraisal. Requirements depend on the program, the property and your full file, so we'll review yours before you apply.

Cash from a refinance is loan money, not income, so it generally isn't taxed as income. Whether any interest is deductible depends on how you use the money. Ask a tax professional about your situation.

Most programs require you to have owned the home, or had your current loan, for a minimum period before a cash-out refinance. Tell us when you bought or last refinanced, and we'll check.

Yes, many people do. Keep in mind that you're turning unsecured debt into debt secured by your home, possibly over a longer term. We'll compare the total cost with what you pay now, so you can decide with clear eyes.

Yes. Both programs have cash-out refinance options with their own eligibility rules and costs. We'll explain how they compare with a conventional cash-out.

Your home secures the loan. Closing costs apply, and a new loan term can mean paying more interest over time. Borrow only what fits your plans and your budget.