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Is cash-out refinancing possible with a second mortgage?

April 26, 2017cash-out possible refinancing second mortgage

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Is cash-out refinancing possible with a second mortgage?

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Yes, some lenders may allow you to refinance your second mortgage for a larger amount and take the difference in cash. In order to do so, you must have enough equity in your home. Remember that refinancing your loan for a larger amount in an unstable housing market could leave you owing more on your home than it is worth.