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Cash-Out Refinancing: Refinance and Reap the Benefits
Cash-out refinancing involves replacing your existing mortgage with a new one, often at a lower interest rate, and taking out the difference in cash. This option can be advantageous if interest rates have dropped since you first purchased your home. By refinancing, you can reduce your monthly payments while gaining access to a lump sum of cash.
According to Freddie Mac, the average rate on a 30-year fixed mortgage was 3.07% in 2021, which might be significantly lower than your current mortgage rate, making cash-out refinancing an attractive option3.