Start with the purpose
A planned home improvement or another financial goal deserves a clear budget and repayment plan.
Cash-out refinance
Your equity.
A thoughtful next step.
A cash-out refinance replaces your mortgage with a new, larger loan. Part of the available equity comes back to you as cash after the existing loan and transaction costs are accounted for.
Compare the whole loan
The new rate and term apply to the refinanced balance, not just the cash you receive. Compare closing costs and total interest with keeping your current mortgage.
Keep your home in view
The debt is secured by your home. Consolidating other debt does not eliminate it and may extend repayment or increase total costs.
Put the alternatives side by side.
Ask about keeping your current mortgage, a home equity loan, or a HELOC where available. Eligibility, available equity, and costs vary. An Atwood loan officer can help you compare how each option affects your monthly budget and long-term plans.