A cash-out refinance could be right for you if you need money for home repairs or renovations, or if you want to consolidate high-interest debt. The process involves refinancing your home for more than you owe on the existing mortgage. You get the difference to use on whatever you need. It can be a helpful way to tap your home's equity for major expenses.

Your new home loan will have new terms and will reflect current mortgage interest rates, so consider how the costs would differ from your original home loan.

Options for cash-out refinance lenders are extensive, from all-digital outfits with speedy online applications to major banks with branches nationwide for in-person service.