what does it mean to refinance your house

A Consumer’s Guide to Mortgage Refinancings – When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment (this is called a cash-out refinancing). You might choose to do this, for example, if you need cash to make home improvements or pay for a child’s education.

Refinancing means basically applying for a loan all over again. Lenders require new home appraisals for refinance transactions, even if the original appraisal is only a few years old.

3 minute read. So how long does it take to refinance a house? It could be done in less than 30 days, or it could take as long as 90 days. The truth it, it really just depends on several different factors.

For example, refinancing your home loan means you still could lose the home in foreclosure if you don’t make payments. Likewise, your car can be repossessed with most auto loans. Unless you refinance into a personal unsecured loan, the collateral is at risk. In some cases, you actually can increase the risk to your collateral when you refinance.

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To withdraw some equity from your house in the form of a cash-back refinance. people typically do this if they have built up significant equity in their home or paid it off completely. Some people use the cash they can get with a cash-back refinance to purchase big-ticket items such as a down payment on a car or another house.

What Does It Mean To Refinance – What Does It Mean To Refinance . This means that more than likely, your payments are steadily increasing, especially if you got your home loan at a very low rate. The idea of a refinance car loan does not occur to people as often as refinancing the house, but it is an option that will save money.

What does it mean to refinance your home? It means replacing the mortgage you have with a better one — a home loan that costs less or better meets your needs.

To do this, many or all of the products featured here. You’ve heard about the Federal Reserve rate hike and might wonder what it means for your plans for a mortgage refinance. Here’s what you need.