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Cash-out refinance for remodeling
Quick answer
A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash. It makes sense when current mortgage rates are at or below your existing rate — otherwise a HELOC usually wins on cost.
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Financing options
Closing costs run 2–5% of the new loan. Worth it only for large projects ($50k+) when rates are favorable.
Insurance considerations
Homeowners insurance covers sudden, accidental damage from a named peril. Gradual wear and maintenance issues are excluded — a home warranty may help close that gap.
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Last updated: 1970-01-01