Cash-out refinance vs. home equity loan or line of credit
If you’re interested in borrowing against your home’s equity, you have options. You could apply for a home equity loan (HELOAN) or a home equity line of credit (HELOC). Or you could apply to refinance loans secured by your home—typically your mortgage(s)—to get cash back. (This is commonly called cash-out refinancing.) Consider the pros and cons of each choice before making your decision.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.