What Are Cash Out Refinance Closing Costs

A cash out refinance is a type of mortgage in which the borrower removes a new loan for more money than the balance on the existing mortgage. This type of loan is generally secured by a home, and the lender pays the closing costs, which can be like the original mortgage. Additionally it may give a lump sum payout that may be used for a number of purposes, including investing in the stock market or paying down consumer debt.