When you refinance your home, you take out a new loan to pay off your existing.. What will be the long-term impact on my financial situation?
When you refinance your mortgage, you are applying for a new loan. By refinancing, you are actually paying off the old loan by obtaining a new one. Because you will be obtaining a new loan with new terms, a lender will have to obtain key information and documentation in order to verify you qualify for a refinance.
Cash-out refinance pays off your existing first mortgage. This results in a new mortgage loan which may have different terms than your original loan (meaning you may have a different type of loan and/or a different interest rate as well as a longer or shorter time period for paying off your loan).
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There are many benefits to refinancing your mortgage. Find out if refinancing your mortgage makes financial sense for you.
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Some of the types of refinance loans you can take out when your house is paid off include conventional and FHA cash-out refinances, home equity line of credit (HELOC), and reverse mortgages. Click here to check today’s mortgage rates.
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