When someone refinances their mortgage they’re taking out a new mortgage that will replace their current mortgage. This new mortgage will have a new interest rate and loan terms.

Unlike a mortgage refinance, when a borrower takes out a second mortgage on their home, they are taking out an entirely new home loan, with its own rate and terms, in addition to the mortgage loan they already have.

• You’d like to change your loan terms length
• You want a better interest rate
• You’re looking take cash-out of your homes equity to pay for large purchases
• You want a different type of mortgage

• You don’t want to lose the interest rate on your current mortgage
• You’re looking to use the equity in your home as a revolving credit line to make recurring large purchases (like college tuition or on-going home renovations).
• You want to get rid of high interest debts like credit cards or personal loans.
• You’d like to be able to access the equity for large expenses like weddings, retirement, and other big events.

A Cash-Out Refinance is a mortgage option that allows borrowers to refinance their home while also accessing their equity. With a Cash-Out Refinance, borrowers take a new mortgage out on their home that replaces their current mortgage, and in that process, are able to pull equity from their home to pay for expenses.

Your exact refinance rates will depend on the mortgage you choose, the rate you qualify for and the terms you select. Contact us to review your options and calculate your payments.