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3 big benefits of cash-out refinancing to know now

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By accessing their home equity via a cash-out refinance, homeowners can obtain a large sum of cash at a lower interest than the alternatives.

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In today’s economy, with cooling but still stubborn inflation and higher interest rates meant to combat it, many Americans may find themselves looking for new ways to help make ends meet. Relying on traditional products like credit cards and personal loans can be costly currently thanks to double-digit interest rates on both. Homeowners, however, have a safe and reliable option at their disposal right now: their home equity.

While home equity loans and home equity lines of credit (HELOCs) are two of the most popular ways to tap into your home equity, there are also major benefits to accessing it via a cash-out refinance. This involves taking out a new mortgage loan for an amount larger than what you currently owe. Owners then use the new loan to pay off the old one and keep the difference between the two as cash that they then pay back to their lender.

The cash obtained this way can be used for a variety of reasons ranging from home repairs and renovations to financing major expenses like weddings or college. Or it can help you resolve some of your existing debt. But there are other major benefits to cash-out refinancing to know now. Below, we’ll break down three of them.

Learn more about how cash-out refinancing can help you here now.

3 big benefits of cash-out refinancing to know now

Here are three major advantages to a cash-out refinance to understand today.

Access to a large sum of money

If your financial situation has been hurt in recent years then access to a large sum of money can be beneficial right now. While you’ll generally be limited by how much you can borrow with a credit card or personal loan, a cash-out refinance can result in access to tens of thousands or even hundreds of thousands of dollars, depending on how much equity you have in your home at the time of application. 

Most lenders will allow you to borrow as much as 80% of that equity. That said, you should carefully examine your needs and goals before proceeding as your home will serve as the collateral in these circumstances.

See how much you can access with a cash-out refinance today.

The interest rate may be lower than the alternatives

While refinance rates are higher now than they were in recent years (currently at 7.28% for a 30-year traditional refinance) and may be slightly higher for a cash-out refinance, they’re still markedly better than popular alternatives. Credit card rates right now are 20% or higher and personal loans are often in the double-digit range, too. Refinance rates are lower than both alternatives, giving you more flexibility to pay back the cash you borrowed. 

You may qualify for tax deductions

One major benefit of using home equity loans and HELOCs is the interest tax deduction if the funds are used for eligible home repairs and renovations. But that same benefit extends to cash-out refi loans, too, if used for eligible purposes. Plus, any money withdrawn from your accumulated home equity won’t count as income, so you won’t have to pay taxes on any cash received. 

As is the case with tax implications, however, it’s smart to consult a tax professional in advance to better understand how a cash-out refinance could affect your tax bill.

The bottom line

There aren’t many viable ways to access large sums of cash without getting saddled with a burdensome interest rate right now but a cash-out refi loan can help. By pursuing this unique form of financing homeowners can potentially secure much more money than they would have with some other options and they’ll likely pay a lower interest rate to do so. And they may qualify for some advantageous tax benefits that are simply not available with other products. For all of these reasons, homeowners should consider the benefits of cash-out refinancing now and consider acting to get their finances back on track.

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Residents in Georgia ordered to evacuate or shelter in place after fire at chemical plant

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Some residents east of Atlanta were evacuated while others were told to shelter in place to avoid contact with a chemical plume after a fire at a chemical plant.

Rockdale County Fire Chief Marian McDaniel told reporters that a sprinkler head malfunctioned around 5 a.m. Sunday at the BioLab plant in Conyers. That caused water to mix with a water-reactive chemical, which produced a plume of chemicals. The chief said she wasn’t sure what chemicals were included.

A small roof fire was initially contained, but reignited Sunday afternoon, Sheriff Eric Levett said in a video posted on Facebook as gray smoke billowed into the sky behind him. He said authorities were trying to get the fire under control and urged people to stay away from the area.

People in the northern part of Rockdale County were ordered to evacuate and others were told to shelter in place with windows and doors closed. Sheriff’s office spokesperson Christine Nesbitt did not know the number of people evacuated.

The federal Environmental Protection Agency and the Georgia Environmental Protection Division were both on site, county Emergency Management Director Sharon Webb said. The agencies are monitoring the air “to give us more of an idea of what the plume consists of.”

McDaniel said crews were working on removing the chemical from the building, away from the water source. Once the product is contained, the situation will be assessed and officials will let residents know whether it is safe to return to their homes, she said.

An evacuation center was opened at Wolverine Gym in Covington.



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How Walz and Vance are preparing for the 2024 VP debate

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Washington — Sen. JD Vance and Minnesota Gov. Tim Walz will face off on Tuesday in the first and only vice presidential debate of the cycle, as the two candidates look to prop up the Republican and Democratic tickets with fewer than 40 days until Election Day.

The debate, hosted by CBS News at the CBS Broadcast Center in New York City, will be moderated by “CBS Evening News” anchor and managing editor Norah O’Donnell and “Face the Nation” moderator and CBS News chief foreign affairs correspondent Margaret Brennan.

Here’s what to know about how the candidates are preparing for the debate:

How JD Vance is preparing for the VP debate

The Ohio Republican has been preparing for the debate for more than a month, a source directly involved told CBS News, including with “murder board” sessions with a small team that includes Vance’s wife and his advisers, along with senior Trump adviser Jason Miller.

Among Vance’s main focuses during the preparation has been studying Walz’ debate style and policy record, the source said, noting that Vance will attempt to highlight what he sees as the Minnesota governor’s left-wing views during the debate.

Vance told reporters last week that his plan is to break down what the Trump-Vance administration would do to make “life better” and connect that to policy.

“So, we’re studying up as much as we can on the issues that matter to the American people, and I’m looking forward to it,” Vance said.

House Majority Whip Tom Emmer, a Minnesota Republican, is standing in for Walz during Vance’s debate prep, four sources familiar with the preparations told CBS News. Emmer and Walz have deep roots in Minnesota and are close in age. 

Emmer told ABC’s “This Week” on Sunday that he’s known Walz for decades and has spent the last month working to “get his phrases down, his mannerisms.”

“My job was to be able to play Tim Walz so JD Vance knows what he’s going to see,” Emmer said.

Photos of JD Vance and Tim Walz
Republican vice presidential nominee Sen. JD Vance of Ohio (left), and Democratic vice presidential nominee Gov. Tim Walz of Minnesota.

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How Tim Walz is preparing for the VP debate

Walz has been preparing for the debate with a close team of advisers, a source familiar with the preparations told CBS News. Some of the people involved also helped Vice President Kamala Harris take on former President Donald Trump, among others, like a long-time aid to Walz who worked with him during his bids for governor. 

For Walz, whose name recognition was until recently limited outside of Minnesota, the focus is on continuing to introduce himself to the American people, according to the source. He’ll also work to highlight Harris’ vision for the nation’s path forward. 

“You’ll hear me talk like I have about things that impact Americans, making sure they have the opportunity to thrive, making sure that we’re being factual in how we talk about that,” Walz told MSNBC’s Rachel Maddow of the debate earlier this month. “And so I’m looking forward to it. I’ll work hard, that’s what I do.” 

During debate prep, Transportation Secretary Pete Buttigieg is standing in for Vance, a campaign official familiar with the preparation told CBS News. The former mayor of South Bend, Indiana, also assisted Harris during her debate prep in 2020, and is close in age to Vance. 

When and how to watch the presidential debate 

Debate coverage on CBS News 24/7 begins at 4 p.m. ET, with the debate getting underway at 9 p.m. ET on Oct. 1.

The 90-minute debate will be streamed on CBS News 24/7 and Paramount+ across all available platforms and CBSNews.com. The debate will also be simulcast across other broadcast and cable networks.

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John Ashton, “Beverly Hills Cop” franchise actor, dies at 76

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Actor John Ashton, best known for his role as the by-the-book detective in the “Beverly Hills Cop” franchise, has died, his publicist Alan Somers confirmed to CBS News on Sunday. He was 79.

Ashton died Thursday in Ft. Collins, Colorado, after a battle with cancer.

“John was a loving husband, brother, father, and grandfather who will be deeply missed by all who knew him,” a statement said.

Los Angeles Premiere Of Netflix's "Beverly Hills Cop: Axel F"
 John Ashton attends the Los Angeles premiere of Netflix’s “Beverly Hills Cop: Axel F” at Wallis Annenberg Center for the Performing Arts.

Leon Bennett/Getty Images


Ashton was born in Springfield, Massachusetts on Feb. 22, 1948, and raised in Enfield, Connecticut. He received a Bachelor of Arts from the University of Southern California.

Throughout his 50-year career in show business, Ashton appeared in nearly 100 movies after making his debut in 1973’s “The Psychopath.”

He was probably best known for his role as Det. Sgt. John Taggart in the first two installments of the “Beverly Hills Cop” series alongside Eddie Murphy and Judge Reinhold. He reprised his role in 2024’s “Beverly Hills Cop: Axel F.”

Beverly Hills Cop
Seen here from left, Eddie Murphy as Det. Axel Foley, Judge Reinhold as Det. William ‘Billy’ Rosewood and John Ashton as Det. Sgt. John Taggart in “Beverly Hills Cop.”

Paramount Pictures via Getty


Other film credits include “Some Kind of Wonderful,” “She’s Having a Baby,” “Midnight Run,” “Little Big League” and “Gone Baby Gone.”

On television, he played Willie Joe Garr on several episodes of “Dallas” and made an appearance on such shows like “Columbo,” “Police Squad!” “Hardball” and others.

“John devoted his career to honing his craft and bringing characters to life on the screen. His presence will be greatly missed,” Somers said.

Ashton is survived by his wife Robin Hoye, three children, three step-children and a grandson. He also leaves behind two sisters and a brother. 

“John leaves behind a legacy of love, dedication, and service. His memory will forever be treasured by his wife, children, grandchildren, as well as his brother, sisters, his extended family and all who loved him,” Somers said. “John’s impact on the world will be remembered and celebrated for generations to come.”

The family requests any donations in Ashton’s memory be made to Pathways Hospice Care



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