A refinancing loan that exceeds the amount of the balance owed on a mortgage. Equity in the home is used as collateral for the cash back portion of the loan. For example, a mortgage amount of $60,000 on a home worth $100,000 might be refinanced for an amount of $100,000 with $40,000 made available in cash. Homeowners often use this type of loan to pay for expenses such as home improvement or continuing education. A low interest rate on a cash back mortgage refinance loan may also make it attractive to borrowers who wish to pay off higher interest credit card loans and consolidate their debt.