Refinancing your mortgage can be a powerful financial tool that does more than just lower your interest rate or monthly payment. A cash-out refinance allows homeowners to tap into the equity they’ve built in their home and turn it into usable funds for important life goals. Many borrowers use the money to pay off high-interest credit card debt, consolidate loans, make home improvements, cover major expenses, or create more monthly financial flexibility. Others use the cash to purchase an investment property, buy a second home, or take advantage of new opportunities without relying on high-interest financing. With home values increasing in many areas, refinancing may provide access to funds you already have built into your property while potentially improving your overall financial situation at the same time.

Find out how much you can get by first finding out how much your home is worth below.