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Cash-out Refinancing Tips & Home Loan Refinance Savings

If you wish to lower your current mortgage rate, save money and have cash in hand for immediate purchases, Cash-Out Refinancing may be the refinance loan program for you. Here you learn how to save on refinance rates, fees and loan costs.

What is cash-out refinancing? Cash-out refinancing allows you to refinance your mortgage for more than you owe and then pocket the difference in the form of cash. This can be ideal for funding college education, buying a car, investing or pursuing a business venture. You use it as you need it.

How does it work? Here's an example: You currently owe $90,000 on a home that’s valued at $160,000. You are seeking to lower the interest rate. You also want $20,000 in cash. You refinance the mortgage for $110,000. This leaves you with a lower rate on the balance you owe on the house, and you pocket $20,000 cash to use as you wish.

To begin the cash out refinancing process take advantage of low home refinance rate quotes from various lenders competing in highly active online lending marketplaces like LoanWeb.com. Fill out a quick quote form and take your time comparing rates quoted from various lenders. Once a good offer is made make sure to ask for a good faith estimate and request the cash- out refinancing option.

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