Cash Out vs HELOC

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Cash Out Refinance. With a cash-out refinance, you are replacing your existing first mortgage with a new, larger one. This new mortgage pays off the outstanding balance of your current loan, and the additional amount borrowed is given to you in cash.

HELOC. With a HELOC, you’re establishing a revolving line of credit secured by your home’s equity, allowing you to withdraw funds as needed, up to your approved credit limit. You can think of it as having a credit card tied to your home’s equity, where you can borrow, repay, and borrow again within a specified timeframe. HELOC terms can vary among lenders, covering aspects like the minimum initial draw, subsequent draws, maximum line amount, draw period, and repayment period. Note, a HELOC is not a refinance of your first mortgage; it’s an additional loan atop of the existing first mortgage. Therefore, you’ll need to manage payments on both the first mortgage and the HELOC.

NMLS 2023964 | DRE 02134504
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