Have you heard of Mortgage Refinancing? It is where you a new loan to pay off your existing loan. Crazy, right? In refinancing, one can borrow a maximum of 80% of the appraised value of their home.
Depending on the lender, the refinancing could be in the form of:
- Home equity line of credit
- Second mortgage
- Line of credit/ loan that is secured by your home
The lender can choose to deposit the entire amount in your bank account, at once or not. If you want to learn more about Mortgage Refinancing, you can consult one of our team of experts.