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Mortgage Question

post #1 of 2
Thread Starter 

Sorry if this is a ridiculous question. Will a bank let you take out extra money as part of your mortgage to pay off other debt?

post #2 of 2

If it is a refi, and you retain your 20% down because the value of your property has appreciated, yes.  You may pay a higher interest rate since it is considered a "cash out" refi.  Doesn't work if it's a purchase mortgage though.

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