A cash-out refinance allows homeowners to refinance their existing mortgage for an amount greater than their current loan balance, enabling them to access the difference in cash. For example, if a home is appraised at $100,000 and the outstanding mortgage balance is $60,000, the borrower may qualify for an 80% cash-out refinance, resulting in a new loan of $80,000. This new mortgage pays off the existing $60,000 loan and provides the homeowner with $20,000 in cash, which can be used for various financial needs or investments.
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