What Is a Cash-Out Refinance? Here’s What You Need to Know

A cash-out refinance replaces your current mortgage with a new, larger one.
What Is a Cash-Out Refinance? Here’s What You Need to Know
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By Allison Martin Bankrate.com

A cash-out refinance replaces your current mortgage with a new, larger one. It includes the remaining balance of your original loan plus an additional amount that you’ll withdraw in cash. This cash comes from your home’s equity.