Cash Out Refinance
Replace your current mortgage with a new loan to access the cash difference between your mortgage balance and your home’s value.
Home Equity Loan
This loan is also known as a second mortgage. It allows you to take out one lump sum of cash and repay it over time with a fixed monthly payment. Like a Cash-out Refinance, you can borrow the difference in your mortgage and home value, but you have two monthly payments instead of one.
Home Equity Line of Credit
This is a revolving line of credit, similar to a credit card, which allows you to access your home’s equity. Unlike a fixed Home Equity Loan, HELOCs are 2nd mortgage products that have an open-ended term structure that allows you to continue to borrow funds up to the approved limit. A loan like this is perfect if you want to take advantage of the equity in your home, but don't want to borrow all the funds at once.