Posted by Dave T on February 23, 1999 at 23:37:57:
Assuming that you have a conventional bank loan, and that your payments are current, then it is unlikely that your loan would be discounted for early payoff. Indeed, you should confirm that you would not have a pre-payment penalty.
The bank has no incentive to discount your loan even for an early payoff. Even if you did get the bank to agree to a discount and you had someone with the cash to follow through with you, why would you want to refinance? You are just replacing your old loan with a new loan. Perhaps you could clarify the objective you hope to achieve.
If you have enough equity in the property now to do a cash out refinance, why not just do it.