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Right now isn’t the best time to be hunting for a deal on a new mortgage loan, but what if you already own a home and are hoping to refinance it and get a different mortgage rate? Rates are up across the board, so you may not save money on interest now, but there is one instance where you may want to proceed with a refinance sooner rather than later anyway.

If you’re sitting on a nice amount of home equity and want to take cash out so you consolidate credit card debt, or maybe fund a needed (or wanted) home renovation, it could be worth it to try pursuing a cash-out refinance. With a cash-out refinance, you swap your old home loan for a new one for more than you owe, and take out some of your home equity as cash in the process. Since home values are still up, your home could appraise high enough to allow you to take out a nice chunk of money to fund your goals. Getting a cash-out refinance is all profit to you, right? Here’s why not.