The online loan shopping resource at www.RefinanceLoanRates.com defines cash-out refinancing as a home refinancing program that allows you to you to refinance your mortgage, possibly lowering current rate, reduce monthly payment amount and pocket cash to fund college education, add that extra room or pool to your home, buy a car, invest in a business venture and just about anything else. “You use it as needed.” says Mark.

How does it work? Here's an example: You currently owe $90,000 on a home that’s valued at $160,000. You are seeking to lower interest rate. You also want $20,000 in pocketable cash. You refinance mortgage for $110,000. This leaves you with a lower rate on balance you owe on house, and you pocket $20,000 cash to use as you wish.

Your mortgage company is required to provide you with a written good faith estimate of closing costs within 3 working days of receiving application. When a mortgage company tells you they have locked your rate get a written statement which details interest rate, length of rate lock and details about program.

When seeking capital to expand business ventures one would do well to make it a priority to first cut costs at home base and proceed from there.