Get Cash Using Your Home Equity

If you need to get access to cash, look no further than the available equity in your home. It can be a great financial resource and help you finance a home improvement project, pay for a wedding or college tuition, or send you on a trip around the world. The amount of cash you can access depends primarily on your available home equity, but there are no limits on how you can use the cash once you qualify.

How can you access cash using your home equity?

• A home equity loan – also known as fixed rate second mortgage
• A home equity line of credit – also known as HELOC for short
• A home loan refinance – also called cash-out refinance (where you pay off your existing mortgage with a new mortgage and get cash back)

What are the advantages of using your equity to get cash?

• Generally lower interest rates than other forms of borrowing (such as credit cards or personal loans)
• Interest payments are tax deductible in most cases (please consult your tax advisor)
• Flexible way to have cash readily available if using a HELOC
• Can help pay for unforeseen expenses

Overview of equity loans to help you get cash:

	Type of Loan:		How it works		Reasons to choose this loan
	Home Loan Refinance (also known as Cash Out Refinance)		Refinance your existing mortgage for more than you currently owe Get cash back for the difference		You want to get cash from your home equity without getting a second mortgage Typically offers lower rates than credit cards and other personal loans Interest expenses are typically tax deductible (consult your tax advisor)
	Home Equity Loan (also known as Second Mortgage)		Obtain a second mortgage against the value of your available home equity You receive the entire loan amount all at once		Offers a fixed rate and monthly payment that won’t change Usually offers more favorable interest rates than credit cards and other types of personal loans The interest is tax deductible in most cases (consult your tax advisor)
	Home Equity Line of Credit (also known as HELOC)		Borrow money as you need it, up to a specified credit limit Works similar to a credit card but usually offers lower interest rates Offers variable interest rate		You need a flexible option to help you access cash when you need it Unlike a credit card, in most cases the interest you pay is tax deductible (consult your tax advisor)

Which loan is the best option to help you get cash? Call 1-800-909-8217 for a FREE, no obligation loan consultation from Countrywide Bank’s Full Spectrum Lending Division.