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A cash-out refinance is a home loan where the borrower takes out additional cash beyond the amount of the existing loan balance. It can be used for things like home improvements, to pay for college tuition, or to pay off credit cards.
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A cash-out refinance allows the borrower to convert home equity into cash by creating a new mortgage for a larger amount than the original. The borrower receives the difference of the two loans in cash. This is possible because the borrower only owes the original mortgage amount to the lending institution.
Loan terms. Cash-out refinance pays off your existing first mortgage. This results in a new mortgage loan which may have different terms than your original loan (meaning you may have a different type of loan and/or a different interest rate as well as a longer or shorter time period for paying off your loan).
A cash-out refinance is a replacement of your first mortgage. The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan. You pay closing costs when you refinance your mortgage. Generally, you don’t pay closing costs for a home equity loan.
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In simple terms, a cash-out refinance replaces your current mortgage with another loan that: Pays off your current mortgage balance and Uses the available equity in your home to provide additional funds for other purposes.
A Cash-out loan allows you to take out a new home loan for more than is owed on your current mortgage, accepting the difference in cash. This allows you access to some of the equity you’ve accrued to pay for major expenses such as tuition or other high-cost needs.