What do I get when I refinance?

When you refinance your loan, you agree to a higher loan amount (normally a $500 increase). The new loan amount you get is automatically used to pay off the remaining balance of your current loan. The difference (cash-out) is what you keep. The cash-out amount is normally at least $700 by the time of eligibility. 

Your exact loan and cash-out amount will be stated in your refinance terms prior to agreeing.