Potential Benefits

  • Cash to make home improvements and repairs
  • Locking in a lower interest rate for the term of the loan
  • Securing a monthly mortgage payment that is nearly the same
  • Avoiding a high-interest alternative financing option

Cash-Out Refinance Details

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:

  • Pay the cost of home repairs, upgrades and improvement projects.
  • Finance large expenditures, such as weddings, vacations, education expenses, medical bills, etc.
  • Pay down or eliminate high-interest debts.
  • Invest in a business or other property.
  • Set up an emergency fund or discretionary account.

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Is a Refinance the same as a Home Equity Loan?

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.

One of our knowledgeable Mortgage Loan Originators can help you review all your options to find the one that is the best fit for you.

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