Apply for a home equity loan refinance to payoff your existing mortgage with proceeds from the new loan. When you refinance your home equity loan, you may be pleasantly surprised by the low mortgage rates or your ability to reduce your monthly mortgage payments. You could use the proceeds of a home equity refinancing to pay off any major expenses. It is less expensive to pay a low interest rate home equity than credit card debt with a high interest rate. You could use a home equity to pay for you're a child college expenses with cash out refinancing.
http://www.mortgages-expo.com/home-equity-refinance.html