Cash-Out Refinance: A cash-out refinance is a mortgage refinancing option where the new mortgage is for a larger amount than the existing loan to convert home equity into cash.
HOME EQUITY LOAN HOME EQUITY LINE OF CREDIT CASH-OUT REFINANCE. You can convert some of your home equity into cash, and you pay back the loan with interest over time. You can draw money as you need it from a line of credit over a specific time period or term, usually 10 years.
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