Cash Out Refinance: Pros and Cons of Refinancing a Mortgage

The Digital Nomad Quest Podcast with Sharon Tseung

In this episode we'll go over what a cash out refinance is and talk about the pros and cons of refinancing your home mortgage. A cash-out refinance means you’re taking out a new loan worth more than your original mortgage.

In general, you can borrow up to 80% of your home’s value, but this amount depends on which lender you use. You would then use the new loan to pay off the original loan, and you would keep the remaining cash leftover to do whatever you want with it. It can be quite beneficial to your financial situation if done correctly. As an example, we used it to help us with building our rental portfolio!

Have you considered cash-out refinancing?

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