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A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing, and the borrower receives the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they've built up in their home into cash giving them more flexibility to:

 

Finance educational expenses

Make large purchases

Make home improvements

Take a dream vacation

Get money for life's unexpected setbacks

Pay off high interest credit card debt

And much more!

 

 

*Other Restrictions and State Guidelines may apply.