Perhaps you already own a home, and need to cash out some of the equity to pay for things such as college tuition, or a well deserved vacation, or maybe you just want to do some remodeling/updating to your home.

The Lending Process for a refinance is much the same as it is for a new home purchase.  A thorough credit analysis will take place, along with a review of income and expenses.   In some cases, you may be asked to pay off existing debt before you are able to receive any cash out. 

 You will also need to have your home appraised to determine it's current market value. 

 Once the ability to repay this debt is established, and the collateral is deemed appropriate, you will receive cash back at closing for whatever purposes you chose to refinance for.