What is the difference between a cash-out and a no cash-out refinance?
Cash-out Refinance: A cash out refinance is when you pay off your existing loan with a new loan that is greater than what you owe, and you receive a check for the difference. If you need cash for a renovation, or home improvement, this might be an option for you.
No Cash-out Refinance: A no cash-out refinance means you will only refinance the principal balance. This can be a great option to shorten the term of your loan or to improve your interest rate.