 TITLE: What Is a Cash-Out Refinance? CONTENT: When It Makes Sense to Get a Cash-Out Refinance\n-----------------------------------------------\nA cash-out refinance may make sense if you want to leverage the equity you have in your home to improve your overall financial situation.\nFor example, using the money to pay off high-interest debt could save you money on interest charges and provide you with a little budget relief. And if you're thinking of making improvements to your home, using a low-interest cash-out refinance could make it possible to do the work and increase the value of your home.\nOther potential options include using the money to save for a child's education, bolstering your emergency fund or paying for other major expenses.\nIt may also be a good idea to get a cash-out refinance if you're getting a divorce and want to buy yourself or your ex-spouse out of the home.\nBecause of the amount of time it takes to refinance a mortgage, it may not be a great way to cover an emergency expense that needs to be taken care of immediately. END