A cash-out refinance is a financial tool that allows homeowners to tap into their home's equity by replacing their existing mortgage with a new, larger loan. The difference between the new loan amount and the balance of the old mortgage is provided to the homeowner in cash, which can be used for various purposes such as home improvements, debt consolidation, or other financial needs. However, a bigger loan, naturally, means more debt. Let's take a look at how cash-out refinances work, and when they might—or might not—be the right move for you. How a cash-out refinance worksIn a cash-out refinance, a homeowner takes out a new mortgage for more than they currently owe on their existing loan. F
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