For home mortgages in the united states there may be certain tax advantages available with refinancing particularly if one does not pay alternative minimum tax. Another use of refinancing is to reduce the risk associated with an existing loan. Even if the lender does not give you the appropriate form you may cancel by sending a signed dated letter to the lender indicating your desire to cancel the refinancing. What loan is best for you depends on your situation and the reasons why your refinancing your mortgage. A cash out refinancing occurs when you borrow more than you owe on your existing mortgage. .
