A Cash-Out Refinance can help you access your home equity. The new loan amount is larger than your current mortgage and the difference is paid to you in cash. You can use the money for any purpose you like, including to:
No. A Cash-Out Refinance is a new loan that replaces your existing mortgage. In contrast, Home Equity Loans and Home Equity Lines of Credit (HELOC) are second mortgages that don’t change your current home loan. A Cash-Out Refinance can provide a lower interest rate. A Home Equity Loan could be the right solution if you have limited equity in your home.
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