A cash-out refinance replaces your current mortgage with a new, larger loan. You then receive the cash difference between the new amount borrowed and the old mortgage balance. Kate Wood breaks down the pros and cons of a cash-out refinance, how they work, how they affect your interest rate, and other information you'll need to know before you decide if this type of home refinance works for you.
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Cash-Out Refinance: Is It The Best Way To Access The Value of Your Home? | NerdWallet
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