Cash out refinance

…I understand that. So Irene, I want to ask you, what are your thoughts in terms of how to fund it? So there are three primary ways. Of course, there are more, but three primary that you could fund your home renovations. And one is through a home equity loan. You could also do a home equity line of credit or a cash out refinance.…

…But interest rates have gone up a lot since 2020, and Amy's gonna lose that 3.75% mortgage rate since prevailing rates are higher now. Cash out refi rates also tend to be higher than purchase mortgage rates since cash out carries more risk for the lender. So it's going to be a higher interest rate on a larger loan amount. With a cash out refi, you are going…

…Pretty much the standard options for accessing equity. So one is to do a cash out refinance. So that's where you refinance your original mortgage for a larger sum. And then you get the difference between what you owe on the original mortgage and that larger mortgage in cash. The other option would be to take out a second mortgage.…