Definitions for "Cash-out refinance"
A new mortgage for an existing property in which the amount borrowed is greater than the amount of the previous mortgage. The difference is given to the borrower in cash when the loan is closed.
Refinancing a mortgage at a higher amount than the current balance in order to transform a portion of the equity into cash.
A refinance transaction where the borrower takes additional funds over and above their current mortgage amount (plus closing fees) to use for any purpose, including debt consolidation, cash in hand, or any other purpose. Cash in hand of less than 1% of the total loan amount is generally not considered "cash out".
Keywords:  check
Cashier's Check