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When considering how to access the equity in your home, you may wonder whether to take out a home equity loan or refinance your existing mortgage. Both options have their pros and cons.
Home equity loans allow you to borrow against the equity you’ve built up, often at a fixed interest rate.
Refinancing can lower your interest rate or change the term of your loan, but it may involve closing costs.
Evaluate your financial goals to determine the best option.
