(301) 332-9432 Refinance Cash Out- NO CLOSING COSTS OPTIONS We offer the same products for mortgage refinancing as we do for mortgages to purchase a home. This is because when you refinance a mortgage, you are simply replacing the old mortgage with a new one that has more desirable terms. Borrowers often do this to obtain a lower mortgage rate, to shorten their loan term to pay it off faster, to extend their loan term to reduce their monthly payments, to cash out for debt consolidation, remodeling or even to pay for college as well as to replace an ARM with a fixed-rate loan.Interest rates are similar to those on mortgages used to purchase a home. For borrowers with sufficient home equity, cash-out refinancing is available in all states. Ano cost refinanceis essentially a loan transaction in which the lender pays settlementcosts. This includes typical lender fees such as processing and underwriting fees, the appraisal fee, along with third partycostslike title/escrow fees and so on.