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A cash-out refinance replaces your existing mortgage with a new home loan for more than you owe on your house. The difference goes to you in cash and you can spend it on home improvements, debt.
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Cash Out Refinance Calculator – Use Home Equity to Get Cash Out – A cash-out refinance replaces your current mortgage for more than you currently owe, but you get the difference in cash to use as you need. This calculator may help you decide if it’s something worth considering, and give you a possible idea of a mortgage rate you might have after refinancing.
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