Q&A: How does refinancing a home work?

Question by mizzredd78: How does refinancing a home work?
I have owned my home for approximately 7 years now. I am interested in refinancing but am not sure how the process works. My home needs major repairs and a possible addition to it. I have heard of refinancing with cash back but have no clue as to how that works. I would also not want my current mortgage payment to go any higher…can anyone help?

Best answer:

Answer by Spinky spark nut
This is usually a bad move – the cash out part. What pass is you lose your equity. PLus, you’ll likely incur costs which tinned’t be involute into the unexampled lend. Your best wager is to pay cash for the repairs.

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