The best (and worst) ways to raise fast cash

Pros: It may be easier to get a bank to approve a cash-out refi than a HELOC. Many lenders still let you borrow as much as 90% of your home's value. Rates are just under 7% for a 30-year fixed, and the interest you pay on your primary mortgage up to $1 million is tax deductible.

Cons: Taxes and fees are hefty - you'll pay about 3%. Because you're refinancing your entire mortgage, you'll owe that fee on the whole loan, not just on the cash you're getting out. And if you borrow more than 80% of the value of your home, you'll probably have to buy mortgage insurance, which would add $175 a month to a $400,000 loan.

NEXT: Borrow from your 401(k) or 403(b) plan