What is a cash-out refinance?

A cash-out refinance is a type of refinance in which the homeowner can convert their home equity into cash. It replaces your current mortgage with a new mortgage that's for more than what you owe on your existing home loan. Upon closing, you'll receive the cash difference between the new amount borrowed and the loan balance. Cash-out refinances can be helpful in paying for major expenses like a home renovation or college tuition. Likewise, it allows homeowners to update their mortgage rate and term. If you’re interested in a cash-out refi, get started here.

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