Refinance Options

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A refinance replaces an existing mortgage with a new loan. Borrowers may choose to refinance to adjust loan terms, loan structure, or access available home equity, subject to eligibility and underwriting approval.

There are several refinance options available, depending on your goals and financial profile.

How It Works

A rate-and-term refinance allows borrowers to replace their current loan with a new one while keeping the loan balance largely the same. The primary focus is adjusting the loan term or loan structure.

Common Reasons Borrowers Consider This Option

• Change loan term length 
• Transition between loan types 
• Modify payment structure

What Is a Cash-Out Refinance? 

A cash-out refinance allows eligible homeowners to refinance for more than the current loan balance and receive the difference at closing.

How It Works

The new loan replaces the existing mortgage, and a portion of the home’s equity is converted into funds. Use of funds is subject to program guidelines.

Important Considerations

• Loan amount increases
• Equity position changes
• Qualification depends on property value and borrower profile

What Is a HELOC?

A HELOC is a revolving line of credit secured by your home’s equity and is separate from your primary mortgage.

How It Works

Borrowers may access funds as needed during the draw period and repay according to the agreed terms, subject to program guidelines.

How a HELOC Differs From a Cash-Out Refinance

• A HELOC does not replace your existing mortgage 
• Funds are accessed as needed, not all at once 
• Payment structure differs from a refinance loan