Want to keep your first mortgage?
Explore a HELOC or fixed second. Review both payments together and account for any change in a variable rate or repayment period.
Explore HELOC optionsChoose the right structure
Three ways to cash out. One important comparison.
A HELOC, cash-out refinance and fixed second mortgage each change your finances differently. Start with the loan structure, then compare the actual terms.
| The decision | HELOC | Cash-out refinance | Fixed second |
|---|---|---|---|
| Existing first mortgage | Can stay in place | Replaced with a new loan | Can stay in place |
| How you access cash | A credit line; initial draw rules vary | Proceeds after payoffs and costs | A lump sum at closing |
| Rate structure | Variable or fixed, depending on product | Based on the new first mortgage | Fixed on the second mortgage |
| Worth exploring when | You want equity access and to keep your first mortgage | You want to evaluate new terms on the whole mortgage | You want a defined cash amount with fixed second-loan terms |
| Compare carefully | Draw requirements, fees, rate changes and repayment | New rate on the full balance, costs and term | Both payments, fees, term and total cost |
Want to change the whole mortgage?
Compare a cash-out refinance. The new rate and term apply to the refinanced balance, including the part you already owe.
Explore refinance optionsKnow the exact amount you need?
A fixed second can offer a defined lump sum with fixed-rate terms. Compare closing costs and total repayment with other structures.
Explore fixed secondsUse the same assumptions.
Compare the same cash amount over the same expected holding period. Ask for the rate and APR where applicable, itemized costs, total monthly obligations, draw terms, future payment changes and any prepayment or early-closure charge.
A lower payment does not by itself prove lower total cost. Extending repayment can increase lifetime interest, and converting unsecured debt into mortgage debt puts the property behind that obligation.
Read the detailed comparison guideMake your next move
Compare your own options.
Choose a starting path, then review the specific alternatives available for your property, income and goals.
- Your existing company quote experience
- HELOC, refinance and second-mortgage comparisons
- Guidance from a licensed loan originator
Prefer to talk? Call (844) 914-1404.
Your quote starts here
Find your cash-out options
Complete The Mortgage Calculator’s form. No SSN to view initial quotes.