Current Cash Out Refi Rates What’S Refinancing A House Refinance: A refinance occurs when a business or person revises a payment schedule for repaying debt. mechanically, the old loan is paid off and replaced with a new loan offering different terms.How To Get Money Out Of Home Equity How to get a home equity loan with Bad Credit | The Lenders. – A cash-out refinance is going to be the closest thing to a home equity loan there is. With a cash-out refinance you can get additional money using the equity in your home. Unlike a home equity loan which is a second loan on the home, a cash out refinance moves your entire loan balance to a new lender. You can borrow up to 80% LTV.