Reported 1 day ago
Amid rising consumer debt, a significant number of homeowners are leveraging their substantial home equity through cash-out refinances to alleviate financial burdens. Recent data shows that 59% of refinancing transactions involve cash withdrawals, with many homeowners utilizing these funds to pay off high-interest debts like credit cards and auto loans. Even though this often means accepting higher mortgage rates, the overall reduction in debt payments makes it an appealing option for those struggling financially.
Source: YAHOO