2 More Good Reasons for a Cash-Out Refinance—and 1 Terrible Reason
Convert equity to cash with a timely cash-out refinance, but if you don't have a sensible plan for the money you're better off leaving it in the home.
Today's low interest rates are driving not just a homebuying frenzy but a refinancing boom as well. Refinancing is up 192% according to the Mortgage Bankers Association. Refinancing is simply replacing a current home loan with a new one. Some of the homeowner's accrued equity can be factored into the new loan and turned into cash.
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