Refinance
Cashout - All conventional loans (Fannie Mae, Freddie Mac, VA, FHA) only allow you to take cash out up to 95% of your homes appraised value. You can obtain a loan not backed by one of the above agencies that will allow you to obtain cash out up to 100 percent of your homes value.

Rate and Term Refinance - When you refinance an existing mortgage and do not receive any cash to pay off debts or cash in hand greater than two percent of the loan amount or $2,000 it is considered a rate and term refinance. There are many myths about when to refinance your mortgage to lower your rates. Ultimately you should choose to do this when the benefits outweigh the costs.

Debt Consolidation
Consolidation of credit card debts and other consumer debts are the most common reason consumers choose to refinance. Some companies might refer to this as a “credit repair loan”. Because payments on credit cards have increased significantly over recent years many homeowners are choosing to eliminate that debt by refinancing their existing mortgage, paying off other debts and saving money overall on a monthly basis.