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Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the worth of the home.
Low rates have made it easier to afford to buy a home, but many americans remain priced out of the real-estate market.
Learn about the various ways you can get cash out of your mortgage by refinancing for cash. Fill out our form for a free quote and receive more information.
You can use the equity in your home to consolidate other debt or to fund other expenses. A cash-out refinance replaces your current mortgage for more than you currently owe, but you get the difference in cash to use as you need.
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Cash-out refinance gives you a lump sum when you close your refinance loan. The loan proceeds are first used to pay off your existing mortgage(s), including closing costs and any prepaid items (for example real estate taxes or homeowners insurance); any remaining funds are yours to use as you wish.
With a cash-out refinance you tap into your earned equity by refinancing your current mortgage, and taking out a new loan for more than you still owe on the property.
· The cash-out refinance mortgage or a home equity loan can both get you the funds you need. But which is better? The answer might surprise your.
Cash-out refinance pays off your existing first mortgage. This results in a new mortgage loan which may have different terms than your original loan (meaning you may have a different type of loan and/or a different interest rate as well as a longer or shorter time period for paying off your loan).
Refinancing a mortgage is a process, wherein the borrower has the option to pay off an existing home loan to obtain a new home loan with lower rate of interest, or opt for a cash-out. discusses.