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Cash-Out Refinancing: How It Works, When To Do It

Savings Corner

Cash-out refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. Many borrowers use the proceeds for the following reasons: Home improvement projects: You could use a cash-out refinance to renovate your home or add an addition, for example. There are no limitations.

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A Goal Without a Plan is Just a Wish

Family Balance Sheet

The building offered so much potential, but needed a lot of work and we set out to renovate our dream office. The business softened, renovations were more costly than expected, and we were now the owners of two mortgages, our home and our business. We were excited to cross this accomplishment off our bucket list.

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