You own rather than rent for a reason, and that value you're building in your home is there for you when you need it. There are a couple ways to use the equity you've built in your home to get cash quickly—a cash-out refinance and a home equity loan. Learn about both below.
An alternative to cash-out refinancing is a home equity loan. With both, you'll end up with cash-in-hand to cover expenses or consolidate debt. But where a cash-out refinance replaces your current mortgage with new terms, a home equity loan can be a new fixed rate loan that enables you to leverage the equity you've built in your home. With a Discover Home Equity Loan, there are no origination fees or closing costs.