How a Cash-Out Refinance Works
A cash-out refinance replaces the current first mortgage with a larger new first mortgage. After the existing loan and closing costs are paid, the remaining proceeds go to the homeowner.
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Refinance & Homeowner
Resources for current homeowners covering refinancing, equity, mortgage insurance, recasts, and payoff strategies.
How a Closed-End Second Mortgage Works
A closed-end second mortgage provides one fixed lump sum while leaving the existing first mortgage in place. The homeowner repays the new balance through a separate monthly payment.
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