You need money to buy that Honda CR-V that you’ve been talking about, for some reason.
If you're looking to make a mistake with your finance, consider a "cash-out refinance."
In the biz, they call it a cash-out refi. But they don't tell you that you're just pushing yourself further into debt. To qualify, you'd need to have put down an existing down payment, or paid off at least 20% of the equity. From there, you engage in the cash-out refinance that pays off your mortgage.
You then take on a new loan that is worth more than what you owe to the bank, and pocket the difference in cash. You’ll have a completely different set of loan terms, including a new payment and schedule. You’ll be able to use that cash to pay bills and maybe buy that awesome Honda you won’t shut up about.
But you’re going to have a lot more debt than you used to, and that’s never a good thing.
Related or Semi-related Video
Finance: What Is a Real Return?67 Views
finance- a la shmoop. what is a real return? like is there a fake return? you
know like the news? well kinda .real return refers to an [man frowns talking to camera]
investment return mapped against inflation. so let's say you invest in a
bond that pays five percent a year for ten years and then pays you back your
principal .boring but nice- you know like a good doctor visit. your nominal return
over that period was 5% but since inflation was 3% a year during that
period on average your real return was only 2% a year- meaning that the
performance of your investment only eked out a 2% net gain against the price of [equation]
milk gas and you know knocked off iPhones. so don't be a chump who thinks
that they're making more money than they really are, and you know keep on keeping
it real. [man sitting in chair, talks to camera]
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