Cash-Out Refinance vs. Lot Loans: What Actually Makes Sense for You

So you've got some equity sitting in a house, or maybe you're trying to buy a piece of land and the bank keeps saying no. Either way, you're probably looking at two different financing paths: a cash-out refinance or a lot loan. They're not the same thing, and mixing them up can cost you real money. Let's break them down the way I'd explain it to a buddy over coffee.