Learn About Refinance. You agree we may use an auto-dialer to reach you. One option would be to refinance and get cash. Here are some of the key differences between a moneg refinance and a home equity line of credit:. Cash-out refinance pays off your existing first mortgage. It will result in a new payment oht schedule, which shows the monthly payments you need to make in order to pay off the mortgage principal and interest by the end of the loan term.