Refinancing: Make a good deal better

More Articles:

*When is it a good idea to refinance?
*What is the "break-even point?"
*What is a "no-cost" refinance?
*I need money to pay my kid's college tuition. Can "cash-out refinancing" help?
*I owe $30,000 on my credit cards. Should I cash out equity in my home to pay it off?

I need money to pay my kid's college tuition. Can "cash-out refinancing" help?

If you've been paying down your mortgage for a long period, or if property values have risen in your neighborhood, you’ve probably built up equity in your home. A cash-out refinancing can get you access to this money. For example, if your house is worth $200,000 and you still owe $100,000 on your mortgage, you could refinance your mortgage for, say, $150,000 and borrow $50,000 in cash from the equity in your home.