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Christina Zelow Lundquist/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Cash-out refinancing allows you to turn equity into cash through refinancing your mortgage. The terms of your refinanced mortgage might significantly differ from your original loan, including a new rate or longer or shorter loan term.

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APRIL 4, 2024

Key takeaways Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type as well as your lender. Here’s how refinancing a mortgage works, the common options available to you and pros and cons to consider. What is refinancing?

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APRIL 4, 2024

What is mortgage refinancing? Mortgage refinancing is when you replace your current home loan with a new one. Just like any other loan, you apply for refinancing, which includes a thorough check of your credit, income, employment history and finances. Ideally, you’ll also get a lower rate in the process.

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. “Amortization” is a word for the way debt is repaid in a mortgage, where each monthly payment is the same (excluding taxes and insurance). Or you might want to compare different loan terms before refinancing. In the beginning years, most of each payment goes toward interest and only a little goes to debt reduction.

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APRIL 4, 2024

Income verification: You can provide a pay stub, bank statements, tax returns or even 1099 forms if you’re self-employed. They may ask for copies of utility bills, lease or rental agreements, property tax bills or credit card statements as proof of address.

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