Cash-out Refinance

A refinanceGetting a new mortgage with all or some portion of the proceeds used to pay off the prior mortgage.... transactionApplies to any business dealing. In real estate, it is an instance of exchanging ownership of a property. ... in which the borrower receives additional funds over and above the amount needed to repay the existing mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price..., closing costsThe upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third parties, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance...., points, and any subordinate liens.