What does it mean to be prequalified or preapproved for a mortgage? The two words are often used interchangeably, but they arenât the same thing and donât carry the same weight when a hopeful homeowner is ready to buy. Hereâs a look at how these two steps vary, how each can play a significant part […]
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A cash-out refinance is one way for homeowners to access a lump-sum of cash. The process involves borrowing a new mortgage for a larger amount than the existing mortgage. The borrower receives the difference in cash. It is only possible to do a cash-out refinance if the borrower has sufficient equity (ownership) in their home. […]
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