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Cash Out Refinance Benefits - Jacksonville Florida
What are the Benefits of a Cash Out Refinance?Home equityWith a home equity loan, your monthly mortgage payment gets split up for principal, interest and, depending on your loan structure, taxes and insurance. The amount that goes toward the principal balance, coupled with the rise in home values in your area, increases the equity in your home. You can take a home equity loan out on that amount, providing you maintain proper loan-to-value limits. The advantage is you can access cash for a variety of purposes without changing the terms of your first mortgage. That’s great if you like your loan. However, if you are in a position where you can improve the terms of your first mortgage, you might want to opt for a cash out refinance.
Cash out refinancingCash out refinancing entails replacing your current mortgage with a new one that includes the original loan balance plus the amount of cash you’d like to ‘take out’ along with any costs, if applicable. Basically, that means you can refinance the existing loan, once any liens are paid off, for more than the current mortgage and take home the rest in cash.
Here’s a ‘for instance:’
You’ve been steadily paying a monthly mortgage on your $300,000 ... more

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