Equity is the value of your home, less any mortgages against it. You can typically utilize up to 80% of what your home is worth. If you are currently paying higher interest rate debts, it may be worth it to consider taking some equity out as part of your next mortgage loan refinance to pay these off.

With any refinance there are typically some costs accrued in the process of closing your loan, between lender costs and third-party service providers, like appraisers and attorneys. When considering and equity take-out refinance, most clients choose to include any costs with their new mortgage balance, rather than paying for them separately.

As long as there is a tangible, beneficial reason to refinance you can, but it is very important to make sure that refinancing will meet your financial goals. Use our Refinance Calculator to see if refinancing your home is in line with your goals.