Cash-Out Refinance Benefits
It’s a refinance of an existing mortgage that enables you to access some of the equity in your home.The new loan is for more money than you owe on your current mortgage, and you receive the difference in cash.Funds from a Cash-Out Refinance may be used to:
A Cash-Out Refinance is a new, first mortgage. A Home Equity Loan and a Home Equity Line of Credit (HELOC) are two alternatives that allow you to access cash through a second mortgage while your current mortgage remains unchanged. A Cash-Out Refinance may offer a lower interest rate and simpler terms. However, if the amount of equity you want to access is small, a Home Equity Loan may make more sense.
How do you determine the best option? It depends. One of our knowledgeable Mortgage Consultants can help you explore both options and find the one best suited to your individual financial situation.
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