How this option works
A cash-out refinance replaces your current mortgage with a new, typically larger loan and returns part of the difference to you at closing, subject to equity, eligibility, and program rules.
Who may want to explore it?
Homeowners who are considering using home equity for a defined purpose and want to compare the new payment, costs, and risks.
Important details to consider
- The new balance and interest costs may be higher, and your home secures the debt.
- Cash-out options may have different pricing, equity, and waiting-period requirements.
- Compare against alternatives and consider how the new loan affects your long-term plans.