Whenever the lending rates are shifting to lower rates, that is a good time to use cash-out refinancing to access better rates. You can get all the benefits of standard refinancing and modifications, making it more comfortable with the loan.
You may be looking for cash to fund a large purchase, and the cash-out refinancing will be pretty helpful for your expenses. Getting the additional cash from the refinance can benefit your needs and cover the necessary expenses.
On the downside, refinancing usually has additional fees and costs, which means that the timing you choose for the refinancing is as vital as the decision you make to go for this option.
Ensure that you go over your reasons for needing cash. Refinancing has a high risk associated, and you can quickly lose your home unless you keep up with the increased payments.