Rate-and-term
A rate-and-term refinance replaces your loan with a new one for what you owe. People use it to lower their rate, shorten their term, or drop mortgage insurance.
Cash-out
A cash-out refinance replaces your loan with a larger one and pays you the difference in cash. It turns equity into funds for projects, debt, or large expenses.
How to choose
Start with your goal. If you just want a better loan, rate-and-term is usually the fit. If you need cash, compare cash-out with a HELOC or HELOAN so you see the full picture.
Do the math first
Refinancing has closing costs, so it only makes sense when the savings or benefits outweigh them. I'll show you the break-even before you commit.
General information only. Eligibility, terms, and requirements vary by lender and borrower, and not everyone will qualify. This is not a commitment to lend.