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Cash-Out Refinance

If you have equity in your home and need cash for home repairs or outstanding debt, a cash out refinance allows you to borrow against the equity of your home.

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What is a Cash Out Refinance?

A cash out refinance allows you to take out a new loan that is larger than your existing mortgage and is based on the equity you have in your home. In the end, your current mortgage is replaced by this new one and you’ll only have one loan. The difference between your balance and the amount you borrow is returned to you in the form of cash.

For example, if your current mortgage balance is $200,000 and your new loan is for $300,000, you’re left with $100,000 in cash to use for anything you need.

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Popular Questions about Cash Out Refinance

How do I receive the cash in a Cash Out Refinance?

You’ll receive a lump sum of cash, in the form of a check or bank wire, when you close on the new loan. The loan is first used to pay off your existing mortgage, along with any closing costs such as home insurance and real estate taxes. The remaining funds are yours to use.

Will you save money with a Cash Out Refinance? 
What’s the difference between Cash Out Refinance and Home Equity Line of Credit (HELOC)?

Do It Yourself Mortgage Analysis

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