Back to Glossary
Cash-Out Refinance
January 19, 2023
Occurs when a loan is taken out against the equity the mortgage owner already has in the property. The loan amount must be above the cost of transaction, pay off of existing liens, and other related expenses.
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement