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APRIL 4, 2024

Christina Zelow Lundquist/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Cash-out refinancing allows you to turn equity into cash through refinancing your mortgage. While you can’t cash out all of your home’s equity, the process gives you access to a larger sum of money without needing to sell your home.

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Savings Corner

APRIL 4, 2024

What is mortgage refinancing? Mortgage refinancing is when you replace your current home loan with a new one. Just like any other loan, you apply for refinancing, which includes a thorough check of your credit, income, employment history and finances. Ideally, you’ll also get a lower rate in the process.

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APRIL 4, 2024

The steps may vary depending on whether you’re looking for debt consolidation loans , home improvement loans, medical loans or wedding loans. Personal loan lenders may charge origination fees up to 10 percent of the amount you borrow, and the cost is typically deducted from your loan funds.

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