Your home is one of your biggest investments and source of savings. Whether you're looking to refinance for paying off major expenses or accumulated debt, your home is one of your most valuable assets.

Pay off credit card debt

If you have credit card or other consumer loans, it is often less expensive to consolidate these expensive loans with your mortgage with credit card interest rates being typically higher. Also, the interest on your mortgage is tax deductible, while the interest on your credit card is not!

With enough home equity, why not look into paying off pricey credit card debt and save money?

Refinance vs. home equity loan

There are two ways to use your home equity to borrow money: refinance with a new mortgage that is larger than your remaining balance (a cash-out refinance) or get a home equity loan.

A cash-out refinance is typically cheaper, with a home equity loan usually letting you borrow more.