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Smart Ways to use Your Cash out Refinance

A cash-out refinance means you replace your home loan with a new one of larger amounts. You are then able to receive a cash payment for the difference in loans, which can be used for anything you wish.

The way this works is that by paying off your loan in previous years, you have created something called ‘home equity.’ This term refers to the amount of your homes value versus the amount left on your loan. For example, if you purchased a home valued at $200,000, and you currently owe your lending institution $125,000, then you have an estimated $75,000 in home equity.

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Items You Should Never Buy with a Cash-Out Refinance

A cash-out refinance can help you consolidate debt and lower your mortgage payment. That doesn’t mean you can use that extra cash however you see fit. There are some limits as to what is prudent use of the money and what isn’t. To make the most of your refinance, avoid spending those extra funds on the following.

#1. A new car

The idea of paying for a new car with cash may sound exciting, yet is something you should definitely avoid. After all, you are not actually paying cash, but rather financing your new vehicle for the life of your mortgage-something that could be as long as 30 years. Do you really want to pay on an automobile that long? We didn’t think so.

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