Cash-Out Refinance

A cash-out refinance replaces the existing first mortgage with a larger loan and provides eligible equity as cash, after costs and other required payoffs. It differs from a second mortgage, which generally leaves the first mortgage in place.

Compare the rate and cost of refinancing the full balance with a separate home equity loan or line. Consolidating unsecured debt secures that debt against your home and can increase foreclosure risk. Tax treatment requires individual advice.

Review your specific options

Availability depends on credit, income or eligible cash flow, assets, property, location and current program requirements. This information is educational and is not an approval, rate quote or commitment to lend.