What is a cash-out refinance?

A cash-out refinance allows the borrower to tap into the equity they have built up in their home over time. 

For example, if your home is worth $300,000 and your mortgage balance is $200,000, you have $100,000 in equity.

You can use these funds for virtually anything you would like:

    - Home improvements

    - Major purchases

    - Medical bills

    - Saving cash for a rainy day