What is a cash-out refinance?

A cash-out refinance replaces your current mortgage with a larger one and gives you the difference in cash. With Florida home values up, many owners tap equity for renovations, debt payoff, or investment.

Most programs let you borrow up to 80% of your home's value on a primary residence. The new loan resets your rate and term, so it makes the most sense when you can use the cash productively and the new rate still works. We'll run the break-even.

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