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   What is a cash-out refinance?

   • A cash-out refinance turns your home’s equity into cash by replacing your current mortgage with a new, larger mortgage. The difference between the two is given to you in a lump-sum payment. You can use this money for any purpose, including home remodeling, consolidating higher-interest debt, college tuition and other financial needs.

   Cash-Out Refinancing: How It Works, When To Do It | Bankrate

   www.bankrate.com/mortgages/cash-out-refinancing/

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   Should I get a cash-out refinance?

   • If you need money immediately, a cash-out refinance may not be the right solution. When you get a cash-out refinance, you pay off your original mortgage and replace it with a new loan. This means your new loan may take longer to pay off, your monthly payments may be different, or your interest rate may change.

   Cash-Out Refinance Guide | Rocket Mortgage

   www.rocketmortgage.com/learn/cash-out-refinance

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   How do I qualify for a cash-out refinance?

   • The first step is ensuring you qualify for a cash-out refinance. Lenders each have their own cash-out refinance requirements, but there are some general guidelines they typically look for. The minimum cash-out refinance credit score for a conventional loan is 620. It’s 580 for FHA and VA loans.

   Cash-Out Refinance: A Complete Homeowners Guide for Cash-Out Loa…

   www.zillow.com/learn/cash-out-refinance/

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   Can a cash-out refinance be used to pay down debt?

   • There are no restrictions on how you can use the funds from a cash-out refinance. Many borrowers use the cash to pay for a big expense, such as to fund an education or pay down debt, or as an emergency fund. A cash-out refinance is a mortgage refinancing option that lets you convert home equity into cash. Use it with care.

   Cash-Out Refinancing Explained: How It Works and When to Do It

   www.investopedia.com/terms/c/cashout_refinance.asp

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2. www.bankrate.com › mortgages › cash-out-refinancingCash-Out Refinancing: What It Is, How It Works | Bankrate

   www.bankrate.com › mortgages › cash-out-refinancing

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   Apr 22, 2024 · A cash-out refinance turns your ownership stake into ready money by replacing your current mortgage with a new, larger loan. You receive the difference between the two in a lump-sum payment....

   • Author: Allison Martin

3. www.zillow.com › learn › cash-out-refinanceCash-Out Refinance: A Complete Homeowners Guide for Cash-Out ...

   www.zillow.com › learn › cash-out-refinance

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   Feb 5, 2024 · What is a cash-out refinance? A cash-out refinance replaces your existing home loan with a new, larger loan. The difference between the two loans is the amount of cash you withdraw from the total equity in your home. There are no restrictions on the use of the withdrawn cash.

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     Cash Out Refinance (Explained) in 9 Minutes!

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     Cash-Out Refinancing, Quickly Explained

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5. www.investopedia.com › terms › cCash-Out Refinancing Explained: How It Works and When to Do It

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   May 26, 2022 · What Is a Cash-Out Refinance? A cash-out refinance is a mortgage refinancing option that lets you convert home equity into cash. A new mortgage is taken out for more...

6. www.nerdwallet.com › mortgages › refinance-cash-outCash-Out Refinance: How It Works and What to Know

   www.nerdwallet.com › mortgages › refinance-cash-out

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   Dec 21, 2023 · A cash-out refinance is a way to access cash by replacing your current mortgage with a new, larger loan. But if mortgage rates have risen since you bought your home, the costs...

   • Video Duration: 9 min

7. www.rocketmortgage.com › learn › cash-out-refinanceCash-Out Refinance Guide | Rocket Mortgage

   www.rocketmortgage.com › learn › cash-out-refinance

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   Apr 16, 2024 · A cash-out refinance is a great option for homeowners who need cash in hand, meet the requirements of the refinance loan and generally need no more than 80% of their home’s equity. Because of their lower interest rates, cash-out refinances can be a better option than financing with a credit card.

   • Author: Victoria Araj

8. www.rocketmortgage.com › learn › fha-cash-out-refinanceFHA Cash-Out Refinance: A How-To Guide | Rocket Mortgage

   www.rocketmortgage.com › learn › fha-cash-out-refinance

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   6 days ago · If your home is worth $200,000 and you owe $120,000 on your mortgage, you have $80,000 in equity and an LTV of 60%. Currently, to qualify for an FHA cash-out refinance, you can borrow against up to 80% of your home’s LTV if you’ve owned it for over a year and you’re borrowing $417,000 or less.

9. www.lendingtree.com › home › refinanceCash-Out Refinance: How It Works and When It’s a Good Idea

   www.lendingtree.com › home › refinance

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   Apr 19, 2024 · A cash-out refinance allows you to replace your current mortgage and access a lump sum of cash at the same time. The new mortgage will cover your home purchase and the cash, both of which will be secured by your home. You can use the payout for anything you’d like, from paying off credit cards to remodeling an outdated kitchen.