by 
The Curious Bag
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No cash-out refinance mortgages allow homeowners to lower their monthly mortgage payment by refinancing at a reduced interest rate.
Procedure
Homeowners must fill out a new loan application for consideration of a no cash-out refinance mortgage. According to FreddieMac.com, mortgage companies also need a payment history of your current mortgage and documentation of income before making a final decision.
Eligible Properties
Eligible properties for a no cash-out refinance mortgage include one- to four-unit primary and secondary residences and investment properties.
Benefits
Homeowners have the option of rolling all closing costs of the refinance into the new no cash-out refinance mortgage.
Considerations
According to Investopedia.com, a home buyer also can use a no cash-out refinance mortgage to change the length of a mortgage.
Warning
According to Investopedia.com, homeowners might end up paying more in interest over the life of a no cash-out refinance mortgage, especially if the new mortgage has a longer term than the previous one.
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