A guide to understanding refinancing your mortgage and taking cash out of your home

Exploring a mortgage refinance that involves using your home equity to pay off bills. do a home remodel or obtain cash at closing is considered a "cash out" refinance. These types of loans are available on conventional and FHA mortgage programs. In today's marketplace you will be limited to 90-95% of your homes appraised value for the loan amount. You should expect to pay higher closing fees if you wish to go over 80% of the homes value. Lenders will typically charge you discount points as this represents a riskier loan for them to offer.  If you are exploring a mortgage refinance, then you should compare mortgage refinance quotes from different lenders to make sure you end up with the most favorable loan.

11-15-2007 ? LoanNetwork.com

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