Mortgage Refinance Calculator With Cash Out Can You Refinance A Paid Off House cash out refinance to purchase second home How does a cash-out refinance work? – MortgageLoan.com – A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.How a Cash-Out Refi Can Help You Accomplish Your Financial. – Are you looking to make the value of your home work for you? A cash-out refinance could be the option you’re looking for.