When Sean and Kate Sitter needed money to renew their San Jose home last year, they took more new mortgages than their existing mortgage balance, paid off their old mortgages, and extra to improve their homes. I spent money. This is known as cashout refinancing.
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Since then, mortgage rates have risen by about 3 percentage points. So this year, when the couple needed more money to do a second refurbishment at home and in Carmel, there was no way to touch a mortgage that was fixed at 2.875% for 30 years. Instead, they did what more homeowners want to borrow for their home mortgage: they got a floating rate home mortgage loan facility.
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