Rate and Term, Cash Out or Home Improvement – it’s never been easier.
Home Refinances fall into one of three categories: Rate and Term, Cash Out or Home Improvement:
- Rate and Term Refinance: Most common refinance used to lower mortgage rates and payments. Cash out is limited to $2,000 or 2% of loan amount, whichever is less.
- Cash-Out Refinance: Cash out refinancing on a first lien is limited to 80% of the appraised value in most cases. You can consolidate debt, payoff a second mortgage or take cash in hand.
- Home Improvement Refinance: Funds from the refinance are used for home improvements.