More homeowners are refinancing to take equity out through a cash-out tranaction. They’re then using the extra cash to pay down credit card debts, renovate their home, or even invest in a new home.
Over the past two years that has resulted in a large number of homeowners who are taking on higher interest rates via refinancing. Still, owners say that the mortgage rates are lower than what they would have to pay through a credit card or home equity line of credit.
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