: Frees up cash in your monthly budget.
This option allows you to borrow more than you owe on your current mortgage. You receive the difference in cash to use for home improvements or debt consolidation. Cash-In Refinance
Calculate the break-even point by dividing the total closing costs by your monthly savings. For example, if closing costs are $3,000 and you save $100 a month, you must stay in the home for 30 months to recover the costs.