Cash Out Refinance
Occasionally, when refinancing a first trust, a borrower wants to obtain cash. They are able to do that by obtaining equity from there home. This means that a borrower can actually receive a check for an amount of money that meets those conditions.
Cashing-Out is normally not limited to any type of loan program. If the value of the property is greater than the original loan, then cash may be obtained for the approximate difference. This approximate difference is the Cash Out Refinance amount.