"Cash out" refinancing enables you to replace your current loan with a new one and get some extra cash at the same time. If your loan-to-value ratio (LTV) is low enough (at least 80%), you may be able to cash out. In other words, you need to have accumulated equity in your home and/or the market value of your home must have increased.

Is a method of refinanancing a home for more than the amount owed on the original mortgage. The amount difference between the new and the existing mortgage is considered a home equity loan.

Refinancing a mortgage where the new loan amount exceeds the amount of the current loans. The borrower receives the additional funds at close of escrow.