More homeowners are refinancing to take equity out through a cash-out tranaction. They’re then using the extra cash to pay down credit card debts, renovate their home, or even invest in a new home.

Over the past two years that has resulted in a large number of homeowners who are taking on higher interest rates via refinancing. Still, owners say that the mortgage rates are lower than what they would have to pay through a credit card or home equity line of credit.

Homeowner Paul Thompson was undeterred by the higher rates through a cash-out refi. He told The Wall Street Journal that when he purchased his Dallas home in 2015, he was able to get a mortgage at 4%. But at the end of last year, he refinanced at 4.625% and took out about $30,000 in equity from his home. He says the higher rate was worth it because it gave him extra cash to renovate an investment property next door.

But the greater use of cash-out refinancings has some economists concerned that homeowners will be tempted to use their homes like ATMs, as they were blamed on doing in the years leading up to the housing crisis. Consumers who struggle to pay their mortgages from a cash-out refinancing are at risk of losing their homes. On the other hand, the economists note, credit card debt is unsecured.

Still, others are quick to note that cash-out refinancings are well below pre-crisis levels.

Also, cash-out refinancings are becoming more enticing compared to home equity lines of credit. The Wall Street Journal reports that the 30-year fixed-rate mortgage has dropped at a much faster pace than HELOC rates this year. The two are based on different benchmark rates. For example, this fall, 30-year mortgage rates were nearly 3 percentage points lower than the average HELOC rate, according to Bankrate.com.