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  • Will You Add? - Frequently Asked Questions about Mortgage Refinancing

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    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or

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    If you are new to the mortgage market, there may be several questions on your mind about the process of refinancing. Below you will find several of the most frequently asked questions about mortgage refinancing and their answers:

    When Can I Refinance?

    Truthfully, you can refinance your home the day after you sign the papers; however, you need to determine if you have any equity to do so. Also, if you accepted a prepayment penalty (PPP) when you closed on your home, you may need to wait a period of two or three years to do so. If you do not wait out the PPP term, you could incur thousands of dollars in fees on top of your mortgage payoff.

    How Much Money Can I Get?

    This question mainly deals with how much equity you have, i.e. what is the difference between what you owe and what your home is worth. Most lenders will allow you to get access to 100% of your home’s value; however, those loans usually come with some drawbacks, such as mandatory escrows, monthly private mortgage insurance (PMI) fees, and higher interest rates. There are many lenders today who will also give you access to 125% of your home’s worth as well.

    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or

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    Sometimes, your regular income may not be enough to take care of your unlimited personal requirements. With the modern lifestyle and ever-increasing demands, money is assuming all the more importance in this materia
    thfully, you can refinance your home the day after you sign the papers; however, you need to determine if you have any equity to do so. Also, if you accepted a prepayment penalty (PPP) when you closed on your home, you may need to wait a period of two or three years to do so. If you do not wait out the PPP term, you could incur thousands of dollars in fees on top of your mortgage payoff.

    How Much Money Can I Get?

    This question mainly deals with how much equity you have, i.e. what is the difference between what you owe and what your home is worth. Most lenders will allow you to get access to 100% of your home’s value; however, those loans usually come with some drawbacks, such as mandatory escrows, monthly private mortgage insurance (PMI) fees, and higher interest rates. There are many lenders today who will also give you access to 125% of your home’s worth as well.

    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or

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    o. If you do not wait out the PPP term, you could incur thousands of dollars in fees on top of your mortgage payoff.

    How Much Money Can I Get?

    This question mainly deals with how much equity you have, i.e. what is the difference between what you owe and what your home is worth. Most lenders will allow you to get access to 100% of your home’s value; however, those loans usually come with some drawbacks, such as mandatory escrows, monthly private mortgage insurance (PMI) fees, and higher interest rates. There are many lenders today who will also give you access to 125% of your home’s worth as well.

    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or

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    hat your home is worth. Most lenders will allow you to get access to 100% of your home’s value; however, those loans usually come with some drawbacks, such as mandatory escrows, monthly private mortgage insurance (PMI) fees, and higher interest rates. There are many lenders today who will also give you access to 125% of your home’s worth as well.

    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or

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    today who will also give you access to 125% of your home’s worth as well.

    What Can I Use the Money For?

    When you cash-out refinance, you can use the money for whatever you wish. Build an addition on your home, send your kids to college, go on vacation, or gamble it away. However, you should make sure the financial benefit outweighs your enhanced risk of increasing the lien against your property.

    Refinancing can be a great option for you, and it can help solve many of your financial woes. Make sure before you do so, though, that you ask lots of questions and get good answers that you can trust.

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