payoff high interest debt Archives

Increased Debt Load: You're borrowing more than you initially did, which increases your overall debt.
Home Equity Reduction: You're using up a portion of the equity you've built in your home.
Potential for Foreclosure: If you can’t keep up with the new mortgage payments, there's a risk of losing your home.

Cash-out refinancing is a financial strategy that homeowners often use to access the equity they've built up in their homes. It involves refinancing an existing mortgage with a new loan that is larger than the current one, allowing the homeowner...