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Mortgage glossary
Cash-Out Refinance
A refinance that replaces an existing mortgage with a new loan and may provide some cash from available home equity. The amount received is reduced by amounts paid off and transaction costs. Approval and maximum loan amount depend on the program and property value.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.