Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes cash-out of the transaction.
refinancing in which the amount borrowed exceeds the amount owed on the original first mortgage. The difference between the two is a home equity loan.
Cash-out refinancing is the act of taking out a new mortgage that exceeds the existing balance on a current mortgage with the intention of refinancing the original mortgage and receiving cash back.
refinancing a mortgage with a loan amount that is greater than the amount due on the loan being refinanced. The borrower receives additional cash that can be used for any purpose.