The answer to your question depends on many factors, Tony. How much equity do you have? What will you use the funds for? How likely are you to use the cash to pay down debt, and then run the balances back up again? Equity is a particularly big piece of the equation, since cash out refinances are limited to 80% of the value of the home. In addition, cash out refinances have pricing adjustments that make the loans more expensive than "rate/term" refinances. IF you have equity,, and IF you really have a legitimate purpose for the funds, then your answer may be yes. As far as "getting some money just to get some money", the answer is likely no. Remember, the house payment goes up the more you borrow!