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Cash-out refinance is common practice in real estate, however most people don’t know what it entails.
To start, it’s important to clarify what it means to refinance a home. In a nutshell, refinancing means getting a new mortgage to replace the original one. Homeowners typically do this as a way to allow a borrower to receive a better interest term and rate. Once the first loan gets paid off, it opens the door to allow the second loan to be created.
All in all, make sure you’re crunching the numbers carefully, so you’ll know if cash-out refinancing is the right option for you. It’s scary to put your house on the line as collateral, and you could lose it if you fail to repay the new mortgage. Visit our blog for additional resources, and contact us today if you’re looking to refinance your home.
The post What is a Cash-out Refinance and How Can It Help You? appeared first on Owings Mills & Lutherville Mortgage.
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