Also known as a cash-out refi, this is the process of replacing or taking out an existing mortgage with a new mortgage that usually offers the borrower more beneficial terms. The process of refinancing a mortgage may aid in decreasing the mortgages monthly payments, settle on the number of years or term of a loan, negotiate a lower interest rate, if borrowers need to be removed from the loan obligation, or retrieve cash from the home equity that can then be used to invest in new opportunities.
Cash-Out Refinance
Also known as a cash-out refi, this is the process of replacing or taking out an existing mortgage with a new mortgage that usually offers the borrower more beneficial terms. The process of refinancing a mortgage may aid in decreasing the mortgages monthly payments, settle on the number of years or term of a loan, negotiate a lower interest rate, if borrowers need to be removed from the loan obligation, or retrieve cash from the home equity that can then be used to invest in new opportunities.
