when a borrower converts any or all of the funds secured through a home equity line of credit to a fixed rate they have what s called a fixed rate heloc 6 the borrower will then pay off the fixed rate amount over a specific period of time be sure to do your due diligence on this option because lenders may have different rules about how you can use it 
a cash out refinance refers to using your equity to get a new mortgage that s larger than the amount owed on your existing mortgage 7 then you pay off the existing mortgage and use the remaining money as needed the money can be used in any way you choose as with home equity loans and lines of credit the funds are tax free because they re viewed as debt by the irs not income 8mortgage lending discrimination is illegal if you think you ve been discriminated against based on race religion sex marital status use of public assistance national origin disability or age there are steps you can take one such step is to file a report to the consumer financial protection bureau cfpb or with the u s department of housing and urban development hud 