BRIAN BIRK | 3-MINUTE READ
However, it’s important to note that a cash-out refinance will increase your mortgage balance and monthly payments. You will also be required to pay closing costs and other fees associated with refinancing. Before deciding to do a cash-out refinance, you should carefully consider the costs and benefits and determine whether it is the right option for your financial situation.
It’s also important to make sure that you use the cash-out refinance funds to pay off your debt, rather than taking on new debt or increasing your existing debt. If you don’t make changes to your spending habits and financial management, you may end up in a worse financial situation than before.