Your first mortgage changes
The current mortgage is paid off and replaced. That means the rate, payment, balance, term, and total interest may all change.
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CASH-OUT REFINANCE
Replace your mortgage while accessing qualified home equity.
A cash-out refinance creates a new, larger first mortgage and provides eligible proceeds after paying off the existing loan and transaction costs.
Equity and limits apply
The property value, existing liens, occupancy, credit, income, and program limits influence the maximum available proceeds.
Compare alternatives
Depending on availability and qualification, alternatives may include a home-equity loan, HELOC from another provider, personal loan, or delaying the expense.
Cash-out refinancing increases the mortgage balance and uses the home as collateral. Refinancing may increase total finance charges. Product availability and qualification requirements apply. This is not a commitment to lend.