A cash out refinance enables you to borrow money at the same time you refinance your loan. You refinance your mortgage and receive a check at closing.
2.. Large loan amount: It is an easy route to get your hands on a significantly large sum of money in one transaction. 3. Tax benefits: Interest rates on loans can be tax deductible depending on several factors. Talk to your CPA 4. Pay off other debts: If you have other higher interest rate debt like student loan, medical bills etc; it could be advantageous to consider cash out refinancing.