Home Equity Loan vs. Cash-Out Refinance

Both options let you access your home's equity, but they work very differently. A home equity loan or HELOC adds a second payment on top of your existing mortgage, while a cash-out refinance replaces your current loan entirely with a new, larger mortgage.

Key Differences

Compare interest rates, closing costs, monthly payment impact, and loan-to-value limits between the two options.

When to Choose Each Option

If your current mortgage rate is low, a home equity loan may be better. If your rate is higher than today's market, a cash-out refinance could save you money overall.

Contact Secure Choice Lending at (951) 733-8925 or info@securechoicelending.com. NMLS #1689518.