Is a cash out-refinance worth it?
As you pay off your mortgage, you gain equity in your home. Basically, equity is how much of your home's value that you've paid off. Sometimes though, you'll have a need for cash. In that case, you can take some of the equity you've built up in your home in exchange for a mortgage that's higher than what you owe. By getting a larger mortgage, you're able to take the difference in cash. This is called a cash-out refinance.
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