Cash-out refinance.Only if it’s better for you.

A cash-out refinance replaces your current mortgage with a new, larger loan and pays you the difference. Homeowners use it for renovations, paying off higher-interest debt, tuition, or a down payment on another property. Conventional cash-out generally allows borrowing up to 80% of a primary home’s value.

Because it replaces your whole first mortgage, a cash-out refinance makes the most sense when the new rate is close to—or better than—your current one. If you have a low rate you want to keep, a HELOC may cost less. Mike will compare both side by side.