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Cash-out refinancing lets you access the equity in your home and get cash at closing. The existing home mortgage and any liens on the property are paid off and replaced with a new mortgage.
A refinance with cash out is an alternative to a home equity loan, also known as a "second mortgage," because it's a lien on your home like your existing mortgage. A cash-out refinance comes with closing costs comparable to your first mortgage. If you owe less than $150,000 on your home, you may be eligible for a cash-out Smart Refinance with no closing costs.
Pay for college, renovate your home -- there's a lot you can do with a cash-out refinance.
Take advantage of competitive rates for an economical way to fund major purchases and other needs.
Consolidate credit card balances, auto loans, student loans and other debt into a single monthly payment.
A conventional cash-out refinance is typically easier to obtain than an FHA or VA refinance, both of which have special eligibility guidelines. Even so, conventional cash-out refinances still have income and credit score requirements.
If you qualify, government-backed FHA and VA refinances offer attractive terms, Depending on your situation, there are also government-backed refinance programs available for those in need of mortgage assistance.