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You can obtain cash through refinancing by borrowing against the equity you have built in your home and using it to settle other debt, make home improvements, or put money aside for retirement. Consider the scenario where you still owe $175,000 on your mortgage despite having $70,000 in equity in your home. The first mortgage may be paid off with the help of a new $200,000 mortgage before you receive $25,000 in cash. You probably have enough equity built up to take out a cash-out mortgage if you have made consistent payments on your initial mortgage for at least five years.
Refinancing also allows you to increase your budget flexibility by lowering your monthly payment. If you refinance, you are essentially starting over on your 30-year commitment, but your new mortgage amount will be lower if you are not taking cash out, so your payments will be lower.
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