Taking Cash Out
There are 3 ways you can access the equity in your property to take cash out. You can do a cash out refinance, a heloc or a heloan. Each option has different features, benefits and costs associated with them. The reason for taking cash out and the timing should also be considered when you are selecting one of the 3 options.
Learn more about each option below:
A CASH OUT REFINANCE is a mortgage refinancing option that allows you to convert your home equity into cash. A new mortgage is taken out for more than your previous mortgage balance, and the difference is paid to you in cash at closing, minus any closing costs.
A HELOC is a line of credit borrowed against the available equity in your home. Your home’s equity is the difference between the appraised value of your home and your current mortgage balance. With a Heloc, you only pay interest on an existing balance (similar to a credit card), but this is a secured debt with your property being used as the collateral.
A HELOAN or home equity loan (sometimes called a HEL) allows you to borrow money using the equity in your home as collateral. This is a closed end 2nd mortgage and you will pay interest on it from the beginning as you would with a 1st mortgage.
Please select the option you are most interested in from the dropdown menu below and please provide the info needed below to submit a request for more info or to schedule a call.