Cash-out Refinance

Cash-out Refinance – A refinance of a loan that is larger than the current loan balance.

  • Example: If a homeowner wants to take advantage of lower interest rates and use some of the equity in their home, they can get a cash-out refinance. The new loan will be for a greater amount than the current loan, therefore more than paying off the existing loan; giving the rest of the cash to the homeowner.
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