Last reviewed 10-31-2026Short-Sale.com Editorialglossary

Cash-Out Refinance

Fannie Mae

Updated 10-31-2026

Cash-Out Refinance

A refinancing transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

Fannie Mae Glossary of Terms

Fannie Mae · p. 6

FTC

Updated 10-31-2026

Cash-Out Refinance

A refinance trans-action in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens.

FTC Real Estate Terms

FTC · p. 3

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