What is cash-out refinancing?
Cash-out refinancing is a loan that pays your existing mortgage and your closing costs. It also provides a sum of cash that you can use for any purpose. You must have equity in your home to qualify for this refinancing option.
It’s a good idea to carefully consider whether this refinancing option is right for you. Why? Because you’ll be increasing your principal balance and paying interest on the cash over the life of the new loan.

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