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What is cash-out refinance?

April 26, 2017cash-out Refinance

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What is cash-out refinance?

3 Answers

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If you have held your mortgage for some time, you have probably reduced the outstanding principal on your loan and increased the amount of equity in your home. You may be able to refinance your home for more than what you currently owe and take the extra loan proceeds in the form of cash. On a cash-out refinance you may use the cash for home improvements, college costs, a new car, or other major purchases.

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The difference between your loan balance and the value of your home is called equity. If you have held your mortgage for some time, you’ve probably begun to reduce the outstanding principal on your loan and increase the amount of equity in your home.

0

Posted

The difference between your loan balance and the value of your home is called equity. If you have held your mortgage for some time, you’ve probably begun to reduce the outstanding principal on your loan and increase the amount of equity in your home. You may be able to refinance your home for more than what you currently owe and take the extra loan proceeds in the form of cash. On a cash-out refinance you may use the cash for home improvements, college costs, new car or other major purchases.